Negotiations between Glitnir and Byr Savings Bank ("Byr") in Iceland

Reykjavik 22 September 2008 - Glitnir Bank ("Glitnir") and Byr
Savings Bank ("Byr") announce that they have initiated discussions on
the possible merger of the two companies. This entails that the
boards of both companies will not enter any dialogue with other
parties while negotiations take place. The results of the
negotiations will be made official as soon as they have been
concluded.

Further information:

Bjørn Richard Johansen, Managing Director of Corporate Communication,
Glitnir.
Mobile +47-47 800 100, e-mail: brj@glitnir.no

Sigrún Hjartardóttir, Head of Investor Relations, Glitnir.
Mobile + 354 844 4748, e-mail sigrun.hjartardottir@glitnir.is


About Glitnir
Glitnir is a Nordic bank, with its head office in Iceland and
operations in ten countries. Our home markets are Iceland and Norway
where we offer a broad range of financial services, including
corporate banking, investment banking, capital markets, investment
management and retail banking.  Outside of our home markets we have
operations in Finland, Sweden, UK, Luxembourg, US, Canada, China and
Russia. Glitnir will furthermore open an office in India in the
second half of 2008. Glitnir also operates representative offices to
support its global niche strategy in Chile, Peru and Japan.  Our
international expansion is mainly driven by two specialised industry
sectors - Seafood and Sustainable Energy - in which we have developed
significant industry expertise built on our Icelandic and Norwegian
heritage.  Our shares are listed on OMX in Iceland under the symbol,
GLB.  Glitnir is a member of the Association of Icelandic Banks &
Financial Institutions.

About Byr Savings Bank
Byr is a progressive and growing financial company offering
professional consulting and personalised banking services to
individual customers and corporate clients alike. We emphasise
maintaining close client relationships and improving our clients'
financial success. The main market area is Iceland; in addition, the
Company operates in the Nordic countries and Continental Europe. Our
services offer interesting solutions tailored to the needs of each
client. Over the years, our customers have highly valued the services
we offer, which have been built on the effective organisation and
short communication lines. Byr also makes a point of being an
attractive partner for other corporate entities and a good investment
option.