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Glitnir Snapshot
Íslandsbanki has turned over a new leaf in a country steeped in a deep freeze. The bank (formerly Glitnir banki), which offers personal, corporate, and investment banking services, was taken over by the Icelandic government in October 2008; it acquired a 75% stake for some E600 million. The bank restructured and reverted to a former moniker to mark a fresh start. It retained its domestic operations and assets, including its branches, service centers, ATMs, and online banking system. However, the bank sold off its Finnish, Norwegian, and Swedish subsidiaries. Its remaining international operations in Canada, China, Russia, the US, and the UK will no longer function under the newly-nationalized Iceland bank.
