ICELAND - Íslandsbanki becomes Glitnir

Extensive changes have taken place in the bank's operations in recent years as it has evolved from an Icelandic bank to a financial company operating in five countries. The bank defines Iceland and Norway as its domestic markets and also has operations in London, Luxembourg and Copenhagen. It will be opening offices in Halifax in Canada and Shanghai in China later in 2006.

Bjarni Ármannsson, CEO, says this change called for a new brand name for the company. 'We now work in the international financial market, and this means certain changes had to be made,' he says.

'Brands must reflect the environment in which they operate, and in our case we need a name that can be used all over the world. We were in the unique position of having a fine-sounding name, Glitnir, which is also a well known brand in Iceland and which fits the bill exactly. It has positive connotations for Icelanders, contains an historical reference, is both Icelandic and Nordic, is easy to pronounce in all the main languages involved and also contains no unusual letters or accents.'

The new name derives from Norse mythology. Glitnir was the home of Forseti, son of the divine pair Baldur and Nanna. At Glitnir, all quarrels were settled and those who came there were pardoned for their misdeeds. The bank's subsidiaries and offices in five countries will also operate under the Glitnir brand.

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