The FME rejects an application from FL Group hf. and Jötunn Holding ehf.
On 1 June 2007, the Financial Supervisory Authority (FME) received a joint application from FL Group hf. and Jötunn Holding ehf for a permission to exceed the qualifying holding threshold of 32.99% and jointly hold up to 39.9% share in Glitnir bank hf. Having concluded extensive information gathering and examination, the FME decided to reject the application for an increased qualifying holding in Glitnir banki in excess of 32.99%. The parties are obliged to sell their shares in excess of 32.99% within a time limit decided by the FME following a receipt of the parties view regarding a possible time limit.
Jónas Fr. Jónsson, Director General:
“After a thorough examination, taking into consideration the facts of the case, it is the FME's conclusion that more shareholder concentration is not beneficial for the bank. The remaining significant shareholding entails a great responsibility for the parties entrusted for such a holding.”