Glitnir AB acquired by HQ Bank AB

Reykjavík, 17 October 2008 - Glitnir AB, a wholly owned subsidiary of
Glitnir banki hf.,  has been acquired  by HQ Bank  AB. This  decision
comes as a conclusion  of discussions that  have taken place  between
the companies.


Further information:

Glitnir Iceland
Már Másson,  Head of  Corporate Communication,  tel. +354  440  4990,
mobile +354 844 4990,
E-mail: mar.masson@glitnir.is

Glitnir AB
Anders Holmgren, CEO, Glitnir AB,  tel. +46 8 4638510, mobile: +46 7
06523731,
E-mail: anders.holmgren@glitnir.se