direct/ Glitnir (IS) - Two new members promoted to the Executive Management Board

Alexander K. Gudmundsson to be new group CFO and Gisli Heimisson to be new EVP for Shared Services

Link to photos of Alexander K. Guðmundsson and Gísli Heimisson, Executive Vice Presidents, Glitnir

Reykjavik/Oslo - 29 May 2007 - Alexander K. Guðmundsson, Executive Director and second in command of building up Glitnir´s operations in Norway, has been appointed CFO of the Glitnir group. It is also announced that Gísli Heimisson will take on the role of EVP for Shared Services and be the bank´s Chief Information Officer (CIO) with overall responsibility for Information Technology and Shared Services across the Glitnir group. These changes come in the wake of Tómas Kristjánsson and Finnur Stefánsson stepping down as CFO and COO to set up a real estate and investment company. Their move has been under consideration for a while and is done in close cooperation with the bank.

Alexander K. Guðmundsson has worked in Glitnir since 1998 specialising in credit, key account management and risk management on large project finance assignments in Iceland and abroad. For the last two years, Guðmundsson has been Glitnir´second in command in Norway. Guðmundsson will be responsible for Risk Management, treasury, accounting, planning & reporting, and legal & compliance services. Gísli Heimisson has developed and directed Glitnir IT projects since 2005 and will now lead operations in information technology, branch service and back office.

"We are very pleased to have Alexander Guðmundsson joining our Executive management team and he will continue the good work that has been done at the Bank in terms of its risk profile. Alexander K. Guðmundsson has been instrumental in building up our credit risk structure. He has played a key role building Glitnir´s operations in Norway and developing our successful cross border credit projects since we acquired KredittBanken (now Glitnir Bank ASA) in 2004 and later BNbank in 2005. Alexander K. Guðmundsson is one of our most experienced executives in his field. He began his career in Glitnir´s predecessor, the Icelandic Investment Bank in 1998. Since 2005 he has been working for Glitnir in Norway where, amongst other things, he has participated in broadening Glitnir´s funding sources. He will lead the Finance Division and Risk Management unit across the group", comments Lárus Welding, CEO of Glitnir.

"I look forward taking on the new role and new responsibilities as Glitnir´s CFO. I´m joining a strong and committed team of professionals who have done great work in the past. My background with Glitnir has mainly been in evaluating credit risk, but over the course of time I have worked closely with the risk management team as the group´s operations have expanded. I aim to maintain the same high level of professionalism for which my predecessor was renowned as CFO", says Alexander K. Guðmundsson, new CFO in Glitnir.

"Gísli Heimisson has been a key player in the development of our group´s IT platform and currently leads our cross border IT project OneGlitir. He has more than 23 years of experience in the profession, two and a half of these with the Bank. He will lead the Shared Services division that carries responsibility for information technology and back-office services", says Lárus Welding. Travel Office and payroll processing, which have previously been under Shared Services, will become part of EVP Birna Einarsdottir´s responsiblitities in Corporate Development. These appointments see experienced Glitnir leaders advancing further into Glitnir´s strong management team.

"Being part of Glitnir has been a privilege for me from day one and I enjoy working with the talented and hardworking people in various departments and units of the bank. During the past three years Glitnir has taken on great challenges and delivered outstanding results. We know that the business environment is constantly changing and the competition is fierce," says Gísli Heimisson. "To stay ahead of competition we must not only seize business opportunities but create and fully exploit them. And we must always focus on our customers and their changing needs for products and services. To satisfy this, the business has to be flexible and swift. In today´s banking this cannot be achieved without sound and agile IT capabilities across the enterprise. We must bring business and IT closer together to create the necessary commercially oriented capabilities to truly deliver our values and serve our customers as we and they grow," comments Gísli Heimisson.

Tómas Kristjánsson and Finnur Stefánsson have together with the owner of the real estate company Klasi hf., Þorgils Ó. Mathiesen, formed a new investment company, Sigla ehf., which will focus on investments in listed and unlisted equity. "Tómas and Finnur have served the Bank and its predecessors very well and been a part of radical changes in the Icelandic financial sector. We wish them every success in conquering new frontiers and look forward to working with them on future projects", says Lárus Welding, CEO of Glitnir. Both Tómas Kristjánsson and Finnur Stefánsson are committed to work with the new managers throughout the transition period.

Glitnir has recently strengthened its management team by the appointment of leaders with proven track records from within the Bank or from the finance industry in general. This announcement of the appointments of Alexander K. Guðmundsson and Gísli Heimisson follows the recent announcement that Jan Forsbom will lead Investment Management, Morten Bjørnsen will head banking in the Nordic countries and Sveinung Hartvedt will head Capital Markets in Glitnir. Frank O. Reite has taken on responsibility for Strategic Growth & Business Development, a newly created post. Alexander K. Guðmundsson and Gísli Heimisson take up their new positions as of 1 June.

Alexander K. Guðmundsson joined Glitnir´s predecessor FBA in 1998 as Relationship Manager in Corporate Banking. When FBA merged with Íslandsbanki in 2000 Alexander K. Guðmundsson took on the same role and focused on Structured Finance within Corporate Banking. From 2002 to 2005 he worked with Structured Finance and project finance with a focus on Iceland and theUK, and Iceland and the international market. In 2005 he moved to Norway. As deputy Country Manager, he has been key in the successful expansion of Glitnir in Norway. During his 10 years in Glitnir, he has specialized in credit control and risk management related to large project finance assignments. Guðmundsson started his career with the global Swedish industrial conglomerate, AGA. Based in Iceland and Sweden, he serviced their logistical operations internationally from 1994-1998. Alexander Guðmundsson has a Cand. Econ from the University of Iceland and is married with three children

Gísli Heimisson joined Glitnir at the beginning of January 2005 as an Executive Director in the IT department. In October the same year he became Managing Director for IT and was appointed CIO for the group in March 2007. Gísli co-founded the software company Mentis hf. in 1999 and was the major shareholder and CEO of that company until he joined the Bank. Previously he was Executive Director in Landsbanki´s IT department and Head of IT in Landsbréf hf., a trading and asset management company in Reykjavík. Gísli worked as a private consultant and software specialist for various financial companies from 1989 to 1993 and as a project manager in Danske Bank for two and a half years after his studies. He holds a masters degree in Civil Engineering from Denmark´s Tekniske Universitet and is married with three children.

For further information, please contact:

Lárus Welding, CEO, Glitnir: mobile +47-47 800 100
Alexander K. Guðmundsson, CFO, Glitnir, mobile: +47-415 35 111,
e-mail: alexander.gudmundsson@glitnir.no

Gísli Heimisson, Glitnir, CIO, mobile: +354-844 4205, e-mail: gisli.heimisson@glitnir.is
Bjørn Richard Johansen, Managing Director, Corporate Communication, Glitnir:
e-mail: brj@glitnir.no, mobile +47-47 800 100

For photos, please contact: akj@glitnir.no

About Glitnir
The financial group Glitnir offers universal banking and is a leading niche player in three global segments; seafood/food, sustainable energy, and offshore services vessels. Glitnir considers Iceland and Norway its home markets. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway (BNbank, Glitnir Bank ASA, Glitnir Securities, Glitnir Factoring and 70% of Glitnir Property Holding. Glitnir´s subsidiary BNbank owns 45 percent of the shares in Norsk Privatøkonomi ASA, an independent financial advisory company with 14 branches in key areas of Norway). Glitnir operate Glitnir Property Group with focus on the commercial real estate market in the Nordics. In Sweden, Glitnir owns the leading Swedish brokerage firm Glitnir AB, the corporate advisory firm Tamm & Partners and the leading commercial real estate advisor Leimdörfer AB. The group owns FIM, the leading asset management company, with operations around Finland and in Stockholm and Moscow. Glitnir operates branches in London and Copenhagen. The group has representative offices in Halifax, Canada and Shanghai, China, and plans to open an office in New York in 2007. Glitnir is listed on the Icelandic Stock Exchange. For more information: www.glitnirbank.com

Picture of Alexander K. Guðmundsson

Picture of Gísli Heimisson

http://www.glitnirbank.com

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