Glitnir Total Capital closes in Copenhagen

Icelandic bank Glitnir's integrated finance division, Glitnir Total Capital, is to discontinue activities in its Copenhagen offices due to the alignment of its European operations.

Nordic unquote" reported in April that Glitnir's Copenhagen office would close down, while its integrated finance division was expected to remain open for business, forming a separate unit operating from the city.

In the longer term is was anticipated that Total Capital would spin-out from its parent and invite investors to back the business in a more traditional limited partnership model. The integrated finance division of the Bank will continue to operate from its Reykjavik and London offices.

The closure in Copenhagen is disappointing for its team since the division has delivered strong results of late. In April, Glitnir Total Capital divested its stake in Rahbek Fisk for DKK 200-300m (May 2008, page 43), with returns described as strong, and its pipeline was also said to be healthy.

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