Former Glitnir Bank CEO Joins US Investment Fund Skip to content

Former Glitnir Bank CEO Joins US Investment Fund

Former CEO of Iceland-based Glitnir Bank Bjarni Ármannsson and former managing director of Glitnir’s Norway branch Frank O. Reite have both accepted an offer to join American investment fund Paine & Partners.

Ármannsson and Reite will be responsible for investments in northern Europe, as Markadurinn, a weekly Fréttabladid business supplement, reports.

Ármannsson said he sees potential for larger investments at Paine & Partners, which is currently investing from a fund worth ISK 90 billion (USD 1.2 billion, EUR 757 million). Ármansson would not exclude further foreign investments in Iceland.

Ármannsson told Markadurinn that he is not optimistic about the development of the world economy and predicted that the world would soon feel the impact of the second-stage influences of the underlying credit crunch.

Ármannsson also said the ISK had lost credibility both in Iceland and abroad, adding that he is not surprised that EU membership for Iceland is being discussed as a solution to the crisis.

In regards to Reykjavík Energy Invest (REI)—which Ármannsson had joined as chairman of the board after leaving Glitnir Bank, only to sell his share shortly afterwards because of the debate surrounding the company—Ármannsson believes the company cannot possibly live up to the expectations anymore that people had when it was founded.

Click here to read more about the REI debate.

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