direct/ Glitnir (NO) - Glitnir takes important step to improve use of IT: Olav Isak Sjøflot takes on the leading IT- and IT-strategy role in Glitnir in Norway

Oslo - 15 September 2006 - Olav Isak (Isak) Sjøflot has joined the global Glitnir IT Management team to become Executive Director responsible for IT support and strategy in Norway, reporting to Gísli Heimisson, Managing Director for IT in Glitnir.

Isak Sjøflot main responsibility will be the synchronising of IT activities within the units of Glitnir in Norway and strengthen the strategic use of IT within the group. This is one of the main goals of the establishment of the Department for Shared Services managed by Finnur Reyr Stefánsson, as announced on August 24th.

Isak Sjøflot will work very closely with the management in Norway and the IT officers responsible for each operating unit in Norway. All IT officers in Glitnir units in Norway will co-ordinate their activities with Isak Sjøflot. He will also be responsible for regular reporting of IT issues to the management team of Glitnir Norway.

Some of the important tasks and duties for Isak Sjøflot will be to contribute to the development and maintenance of Glitnir´s IT strategy, as set forth by Glitnir IT department and the Department for Shared Services.

- I think everyone understands the importance of making sure we have one focal point and one coordinator and responsible for overall IT-activities in Norway, says Frank O. Reite, responsible for Glitnir Markets and Glitnir´s operations in Norway and Sweden. Our aim is to live our values and be fast, smart and thorough in our IT-strategy.

Isak Sjøflot has served as Head of IT in BNbank for ten years with good results. Over the past few years he has also served as Head of Security, Economic Fraud/Anti Money Laundering and Property Management at BNbank. He has a degree in Computer Science from the University of Trondheim (NTNU) and is currently finalizing a Masters Degree in Management from BI (the Norwegian School of Management) in Norway. Isak Sjøflot will maintain his current responsibilities in BNbank until a replacement is appointed.

IT budgeting, evaluation and investments in all Glitnir units in Norway as well as purchasing and contracts will be under his supervision, as will domestic IT compliance issues in Norway and other relevant issues relating to Glitnir IT strategies.

For further information:

Olav Isak Sjøflot (Isak), Executive Director responsible for IT support and strategy in Norway, Glitnir, e-mail Olav.Isak.Sjoflot@BNbank.no, phone: 73 89 20 95, mobile 92 68 18 26

Bjørn Richard Johansen, Managing Director, Corporate Communication, mobile +47-47 800 100 or e-mail brj@glitnir.no

About Glitnir
Glitnir is a leading financial group that offers universal banking with Iceland and Norway as home markets. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is a leading global niche player in three segments; Seafood/food, sustainable energy and offshore supply. Glitnir is the sole owner of banks in Luxembourg (Glitnir Bank Luxembourg S.A) and Norway (BNbank and Glitnir bank, Glitnir Securities and Glitnir Kapitalforvaltning, the factoring company Glitnir Factoring, as well as 50.1 percent of Union Gruppen). Glitnir´s subsidiary BNbank in Norway recently entered into an agreement to acquire 45 per cent of the shares in Norsk Privatøkonomi ASA. Norsk Privatøkonomi ASA is an independent financial advisory company with 12 branches in key areas of Norway (governmental approval pending in Norway). Glitnir own the leading Swedish brokerage firm Fischer Partners. The bank has a branch in London and in Copenhagen, Denmark. Glitnir has an office in Halifax, Canada. Glitnir plans to open an office in Shanghai, China in 2006. Glitnir is listed on the Icelandic Stock Exchange. Glitnir recently announced record profits, with a return on equity of 45.5 percent for the first half year of 2006 - making second quarter 2006 the best ever in the bank´s history.

For more information: www.glitnirbank.com

Picture of Mr. Sjøflot

http://www.glitnir.is




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