Islandsbanki announces new strong owners and partnership with ISOR

Alexander Richter 22 Oct 2009

Islandsbanki announced that its ownership structure has clarified with the creditors of Glitnir taking over 95% of its share capital. At the same time, the Bank announces a partnership with ISOR, Icelandi GeoSurvey.

In a recent newsletter, Islandsbanki announced that it has new strong owners, as on October 15th, “the Resolution Committee of Glitnir, the Icelandic Ministry of Finance and Islandsbanki announced that Glitnir on behalf of the creditors has acquired 95% of Islandsbanki’s share capital.”

This clarifies the ownership of the bank and will have a positive impact on the Bank’s activities and is an important milestone in building a new bank.”

According to the release, “Islandanki will continue to focus on the Icelandic domestic market but also its core niche market activities internationally. This includes geothermal energy, where Islandsbanki builds upon the success of Glitnir’s Global Geothermal Energy team, which maintained its work within the Bank.

“The clarification of the ownership structure will help us serve the Geothermal Industry going forward.”, says Árni Magnússon the Head of Islandsbanki’s Geothermal Energy Team.”

In addition to the news of its clarified ownership, the bank announced a partnership with ISOR, Iceland GeoSurvey. „Teaming up with such a wealth of expertise and experience, makes us an even stronger partner to the global geothermal energy industry and will provide us back-up on projects we intend to work on in the months to come.“, says Árni Magnússon the head of Islandsbanki‘s Geothermal Energy Team.

ISOR has been in the forefront of geothermal development not only in Iceland, but also internationally, having advised numerous projects across the world. The company provides exploration services and also recently opened an office in Santiago in Chile with 2 Icelandic engineering firms to provide geothermal services to the growing sector there and in the rest of Latin America. The JV is called GeothermHydro.For more details on the activities of ISOR visit the company’s website: