Value of Icelandic Bank Rises Tremendously After Sale - The Reykjavik Grapevine

Value of Icelandic Bank Rises Tremendously After Sale

Published January 21, 2009

Glitnir ASA, a subsidiary of Glitnir Bank in Norway, which was sold for
300 million Norwegian crowns (about 42.25 million USD) last October, is
now valued at 2 billion Norwegian crowns (280 million USD). Glitnir ASA
was bought by 20 different savings banks. Leading the takeover was Finn
Haugan, CEO of Sparebank 1 SMN, which bought 25% of Glitnir.

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