Glitnir Bank has impressed The Banker’s judges for its targeted acquisitions and its outstanding 80% profit increase.
Glitnir has taken over a number of small brokerage houses and broke into the Nordic equity brokerage market with a combined 6.16% market share – the third highest in the field. Acquisitions were carried out in a disciplined and effective manner. The first steps of the acquisition campaign were taken in 2005 with some investments in Norway, and continued in 2006 with the takeover of Norse Securities in Norway and Fisher partners in Sweden. This year, the acquisition of Finland’s FIM completed the Nordic picture.
Such acquisitions also allowed Glitnir to balance its income sources, which was previously heavily derived from net interest margin, with income generated by fees.
The bank has also continued to build on its existing capital markets presence in the Nordic countries and in its traditional niche segments of seafood and renewable energy.
An effective expansion strategy and a continued success in its home country produced a fantastic return to shareholders and leads the way for further successes in years to come.
