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Iceland takes step to curbing state ownership of banks after 2008 collapse
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Reykjavik Energy Invest announced this week that it would merge with Geysir Green Energy to form a major company in geothermal energy development. After the merger, the energy giant will be worth ISK 65 billion (USD 1.1 billion, EUR 748 million).
The company will retain the name Reykjavik Energy Invest and will invest in and develop geothermal energy projects around the world.
Magnus Jonsson, Vice Chairman of Geysir Green Energy, said, “Our combined forces make us better equipped for growth on the international market and we believe this to be a strong step in the development of Icelandic global growth in the field of geothermal energy.”
Credit default swap (CDS) levels on Icelandic banks have fallen considerably following credit agreements between Iceland and the central banks of Sweden, Norway and Denmark.
On Friday the Central Bank of Iceland announced a bilateral swap facility with its Nordic counterparts, borrowing up to 1.5 billion Euros ($2.3 billion) to help strengthen the country‘s reserves of foreign currency.
The CDS level for Glitnir has fallen from 410 basis points to 365bp yesterday, whilst Landsbanki has fallen 75bp to 185bp. Kaupthing now stands at 430bp, having fallen 30bp since the agreement was announced.
Furthermore, the CDS on the Icelandic krona (ISK) has fallen by 30bp, making it easier for the Central Bank to boost its reserves of foreign currency by means of additional credit deals.
Nordic financial group Glitnir will be the main sponsor of the annual Glitnir Oslo Marathon taking place September 30th 2007. The sponsorship comes on the back of a marketing drive to raise the profile of the fast-expanding financial group in Norway.
With its origins in Iceland, Glitnir first appeared in Norwegian banking in 2004 and has since grown rapidly with its acquisitions of Kredittbanken (now Glitnir Bank ASA), BNbank, Norse Securities (now Glitnir Securities), FactoNor (now Glitnir Factoring) and UNION Norsk Næringsmegling (now Glitnir Property Group). Glitnir now classes both Iceland and Norway as its two home-markets and is keen to promote itself as a fast, easy-to-work-with bank that has specialist bankers in key industry sectors.
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