Glitnir Finland has been purchased by its management and employees, and will be re-named FIM with immediate effect. The agreement brings Glitnir Banki hf’s 1.5-year ownership of Glitnir Finland to an end.Earlier this month, Glitnir Banki hf announced plans to divest its wholly-owned Finnish subsidiary. Redefining ownership of Glitnir Finland was intended to confirm the bank’s status as a separate legal entity in Finland after the government of Iceland had seized control of the Icelandic parent.
Glitnir Finland operated under the supervision of Rahoitustarkastus (RATA) as a separate entity, and the subsidiary had not been financing its parent with its deposit-taking activities in Finland. The bank was established in March 2007 when the Icelandic bank acquired a majority stake in the Finnish FIM, which was later increased to 100%.
Retail products distributed by Glitnir in Finland and its partners often use international banks as bond providers. This month’s Glitnir product, Uusi Aalto 2013 Sijoitusobligaatio, was issued by Credit Suisse. FIM has 45 retail marketed products currently outstanding in the Finnish market.
