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Glitnir launches bank account for the environment

Press release August 1, 2008 Business

Nordic bank Glitnir has unveiled its Save&Save deposit account which supports research for global environmental projects.

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Glitnir Bank has launched a new deposit account in Norway and Iceland that is designed to support the environment.

The Save&Save account offers a high rate of interest whilst simultaneously allocating funds to a new global environmental fund, the Glitnir Globe Sustainable Future Fund. The fund's objective is to support international environmental projects, particularly in sustainable energy and the sustainable seafood industry.

The new bank account will initially be offered in Glitnir's two main markets of Iceland and Norway, but will be rolled out in other markets in the future.

Glitnir will pay a minimum of 0.1% of total funds in customer accounts to the Glitnir Globe Sustainable Future Fund every year. The Nordic bank expects the fund to become a key vehicle in financing research and development in sustainable energy and the sustainable seafood industry - the bank's two main areas of expertise.

The fund is expected to accumulate up to 4 million euros within a few years, thus becoming one of the largest private funds supporting research into sustainable development.

"Glitnir Bank wants to play its part as a creative force in our planet's future development by generating resources for the Glitnir Globe Sustainable Future Fund. The Fund's Board will make decisions on policy, and we hope to be able to make a difference with our initiative", said CEO Larus Welding.

Glitnir has already allocated an initial 205,000 euros to the fund and expects the fund to grow rapidly as the deposit account is launched in other markets.

The fund's Board of Directors will include Nobel Peace Prize laureate Dr. Rajendra Pachauri, Johann Olav Koss, CEO of Right To Play and Kristin Ingolfsdottir, Dean of the University of Iceland together with Grete Waitz and Jack Waitz, the renowned Norwegian philanthropists. The Board will be chaired by Mr. Arni Magnusson, Managing Director of Glitnir's Sustainable Energy Team.

"I am delighted and privileged to be on the Board of the Glitnir Globe Sustainable Future Fund. I am looking forward to working with Glitnir on this initiative", said Dr. Rajendra Pachauri, who received the Nobel Peace Prize on behalf of the IPCC together with Al Gore in 2007.

For more information on Glitnir's new bank account visit