Glitnir banki hf. - Company Announcement

- The Norwegian Ministry of Finance Approves Merger of Glitnir Bank ASA and BNbank

The Norwegian Ministry of Finance approved the merger of Glitnir Bank ASA and
BNbank on 12 December. The merger, known internally as Project Albatross, is
hence on schedule. The merger will be completed in early March next year. 

The merged bank has also been given permission to acquire all shares in Glitnir
Factoring ASA, Glitnir Securities ASA, and 70 per cent of the shares in Glitnir
Property Holding AS with the subsdiary Glitnir Property Group AS, which owns
the real estate companies Union Eiendomskapital AS and Glitnir Norsk
Næringsmegling AS. 

Morten Bjørnsen, EVP of Nordic Banking Operations comments on the news “I am
pleased with the Ministry's decision, and it proves that the work that has been
done and the organisation of the merger have been of high quality. I would like
to congratulate everyone who has been involved in this important work. This
means that we are on schedule with the formal merger to be completed on 1
March. All main tasks are going according to plan, and we all deserve a great
holiday now.” 

For further information, please contact:
Vala Pálsdóttir, Head of Investor Relations, tel.: +354 440 4989