In a joint announcement on October 15, 2009, the Resolution Committee of Glitnir, the Icelandic Ministry of Finance and Islandsbanki announced that Glitnir on behalf of the creditors has acquired 95% of Islandsbanki's share capital.

This clarifies the ownership of the bank and will have a positive impact on the Bank's activities and is an important milestone in building a new bank.

Islandsbanki will focus on the Icelandic domestic market but will also continue to focus on its core niche market activities internationally. This includes the seafood sector, where Islandsbanki builds upon the success of Glitnir's Global Seafood team, which maintained its work within the Bank.

"The new owners strengthen our activities in the international seafood arena and we are very pleased to be able to continue our successful work in tandem with our partners, globally.", says Atli Rafn Björnsson the Head of Islandsbanki's Seafood Team.

The team is working hard on continuing its activities in the seafood industry, providing tailored financial solutions internationally.

Islandsbanki will also continue providing industry research and opinion papers. This month the bank published a piece on financing seafood businesses in challenging times, which highlights the current status in the financial environment and how banks may have changed in terms of evaluating creditors such as seafood businesses.

Focusing on investment banking services, the bank will continue to serve customers across the value chain of the international seafood sector and has created a number of strong partnerships, which will help the bank drive its uniquely focused strategy providing specialized and tailored financial solutions to seafood players and the financial sector in the seafood industry.