Glitnir Bank closes two big deals Skip to content

Glitnir Bank closes two big deals

Icelandic investment bank Glitnir recently closed two important deals – with Deutsche Bank and international financial conglomerate Citigroup – as the bank announced yesterday.

According to Morgunbladid, Glitnir recently made a framework agreement with Deutsche Bank on the release of debentures for funding housing credits, worth ISK 100 billion (EUR 1.1 billion, USD 1.4 billion).

Moody’s Investors Service rated the debentures with “Aaa,” which is its top score and the same score given to debentures issued by the Icelandic state and debentures with a state guarantee.

Glitnir recently signed another agreement with international financial conglomerate Citigroup, in which Citigroup committed itself to buy Glitnir’s debentures for up to EUR 550 million (USD 726 million).

Ingvar H. Ragnarsson manager of Glitnir’s international financing said these two contracts are of vital importance for the bank. He explained that the contract with Citigroup strengthens the bank’s cash position and the framework agreement with Deutsche Bank increases the bank’s investment opportunities.

Glitnir’s total annual investments are worth EUR 5 billion (USD 6.6 billion).

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