Glacier Securities, a subsidiary of the Icelandic Bank Íslandsbanki, formerly Glitnir, obtained a permit last week to operate a financial company in the United States in a limited field. It is assumed that the company will open its office in New York this month.
The headquarters of Glitnir, now Íslandsbanki, in Reykjavík. Copyright: Icelandic Photo Agency.
Glacier will primarily work as a consultant in the purchase and sale of companies in the field of geothermal energy and fisheries in the US. Glacier will also work with Icelandic companies operating in this field in their efforts to obtain projects on the US market, as explained on Íslandsbanki’s website.
The operating license was obtained after a strict eight-month application process to US authorities. The permit includes that the company’s operations will be under strict supervision from US financial supervisory authorities.
Glacier has seven employees, two of whom are based in Iceland and five in New York. They have all obtained licenses from US authorities to work in this field.
Glacier bases its operations on the specialized knowledge which Íslandsbanki and its predecessors have developed in the past decades in the field of geothermal energy and fisheries.
In the past months Íslandsbanki has noticed increased demand for such knowledge among companies in the US market. Now the first steps towards responding to that demand have been taken.
“The specialized knowledge that we have in the field of geothermal energy and fisheries is sought after and Íslandsbanki soundly believes it can be used for creating increased revenue,” commented Árni Magnússon, who supervises international trade at Íslandsbanki’s Company Division.