Glitnir appoints Lárus Welding as new CEO(IS)

Láárus Welding has been appointed CEO of Glitnir, after Bjarni Ármannsson, who has served as the bank's CEO for the past 10 years, stepped down today. Welding has been Managing Director for Landsbanki's London Branch since 2003,. He started his career in Glitnir's (then Íslandsbanki's) Corporate Banking division in 1999. Welding takes on responsibility for Glitnir's 1,900 employee strong organisation, with offices in 10 countries. At the end of first quarter 2007, Glitnir had a market capitalisation of €4.5 billion and €25.3 billion in total assets.

Over the next few days, Welding and Ármannsson will visit many of Glitnir's locations to meet staff, rating agencies, analysts and media.

"Under Bjarni Ármannsson's decade at the helm of Glitnir, the bank has been renowned for bold leadership and a fantastic track record in shareholder value development. I feel extremely proud and honoured to be asked to take on the position as Glitnir's new CEO," said Lárus Welding. Welding said his vision for the bank is to continue building on its strong expertise in the home markets, Iceland and Norway; to further consolidate Glitnir's position in the Nordic region and the UK in capital markets, asset management, investment banking and banking operations; and to develop Glitnir's Luxembourg-based private banking operations.

"Glitnir has developed well and is fast turning into a strong brand in the markets where we operate. In my opinion, the bank's core values - fast, smart and thorough - pinpoint exactly what it takes to succeed in today's marketplace. Glitnir's employees are known for their professionalism and dedication, and I look forward to being part of their strong team," commented Welding.

Lárus Welding holds a degree in business administration from the University of Iceland. He is a licensed securities broker and a graduate in Corporate Finance from the UK Securities Institute. Welding joining Landsbanki in 2003 as General Manager for the Landsbanki London branch, with operations primarily in Corporate and Investment Banking. He previously worked for the accounting firm JHR ehf. (1997-1999), the Central Bank of Iceland (1998) and the Icelandic Investment Bank (FBA) hf. (1999-2003). FBA merged with Íslandsbanki, now Glitnir Bank. Lárus Welding is married and has two daughters.

Bjarni Ármannsson, who steps down from his position as Glitnir's Chief Executive Officer today, has been with the bank and its predecessors since 1997.
"I have enjoyed a fabulous 10 years as CEO. I am extremely proud to have been part of a team that has multiplied the bank's shareholder value more than 20-fold, and to have headed the bank through its successful transition from a local Icelandic bank to an international financial services provider. The Glitnir staff and culture have been a vital part of my life and will retain a place in my heart," said Bjarni Ármannsson. "I leave a bank that is progressing forward at full throttle, and I congratulate Lárus Welding on his position as Glitnir's new CEO. Lárus and I will work together to ensure a smooth transition and make this change a positive step forward for the bank.

Source: Glitnir

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