Glitnir Acquires Majority in FIM Group

Glitnir Bank, the third-largest bank in Iceland, has struck a deal with 11 of the major share holders of FIM and awaits regulatory approval for a full-out purchase. www.glitnirbank.com

The Finnish investment group FIM and its shareholders have been offered $444 million by the Icelandic bank Glitnir in a take-over bid. 11 major investors of FIM representing a 68.1 percent majority in the company have approved the buyout.

Even before the purchase, Glitnir has earned its reputation as a leading Nordic financial group following a series of acquisitions and rapid growth in the last few years. This purchase would make the bank the third-largest player on the Nordic equity market, and open investment opportunities in Finland and ultimately Russia through an FIM subsidiary in Moscow.

FIM offers investment services for private clients and organizations with a strong presence in Finland, Norway, and Sweden. With its head office in Helsinki, the company has also expanded investments in emerging markets like Brazil, China and Russia. It currently has roughly $4 billion in assets under management.

The purchase awaits final approval by the Icelandic and Finnish Financial Supervisory and Competition Authorities. If the deal receives final approval, the addition of FIM’s 284 employees will mean that 40% of Glitnir’s workforce would be employed outside of Iceland. The combined company would have $11 billion in assets under management and 36 research analysts covering 216 companies.