Chinese Investors Interested in Icelandic Bank

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Chinese Investors Interested in Icelandic Bank

By Zoë Robert
Glitnir

Photo: Páll Kjartansson.

Chinese investors are in discussions with the winding-up board of the Icelandic bank Glitnir to acquire its stake in Íslandsbanki. Glitnir’s share in Íslandsbanki is estimated at ISK 165 billion (USD 1.4 billion, EUR 1.06 billion).

The bank collapsed in 2008.

According to Reuters, the investors include Chinese bank ICBC, insurer China Life Insurance Company and a large Chinese private equity fund. 

Creditors own 95 percent of Íslandsbanki through ISB Holding while the government owns 5 percent.

Chairperson of the bankruptcy estate, Steinunn Guðbjartsdóttir, said that interest in the bank was a good sign for the Icelandic economy. “It’s pleasing that there is an interest in the bank. It shows foreign investors have a strong belief in the future of the Icelandic economy and that the country can lift capital controls,” she said.

 A similar news story was reported last August. 

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