This was no small affair û Iceland's Minister for Foreign Affairs Valgerdur Sverrisd=ttir flew over to China for the ribbon-cutting opening, joining the usual parade of officials from the Chinese government and Shanghai municipality celebrating the opening.
"The finance sector is important for modern Iceland, and Glitnir has a fantastic track record in its international expansion,ö says Minister Sverrisd=ttir. ôThe office will play an important part of our trade and business with China.ö
Glitnir's Shanghai office is focussing on providing banking and financial services within the bank's global niches; sustainable energy, seafood/food, and offshore supply û all sectors that are growing in China. The bank says its main objective is to serve existing clients with bank and finance support on their projects in China. From there, it will go on to offer similar service to Chinese customers with a strategy in Glitnir's niche segments, or with a need for a banking partner in the Nordic region or in markets where Glitnir operates.
"As a leading global specialist bank in the sectors sustainable energy, seafood/food and offshore supply sector, Glitnir views China as an extremely exciting market. Our expertise in geothermal energy has already provided us with strong business opportunities, and our new Shanghai office will provide us with a vital foothold for broader activities in the region," says Bjarni -rmannsson, CEO of Glitnir.
Much has been written about ChinaÆs efforts to diversify its energy programmes. But Glitnir is certainly on the ground floor. Consider the geothermal heating system in Xian Yang, which is the first project of the newly established Shaanxi Green Energy. ThatÆs a joint venture between Shaanxi Geothermal Energy Development Co Ltd (CGCO) and Enex China, in which Glitnir is one of the three main shareholders. The first phase of this facility was opened two days before Glitnir opened its representative office in Shanghai. "The project is important for the geothermal energy sector in China, and we hope our involvement can be a start of a lot of similar project", says Jiang Zhu, chief director & chief representative of Glitnir's operation in Shanghai.
The bank is also helping to put more sole (and other fish) in our life. China is a key seafood supplier to the world û responsible for roughly 35% of the total global seafood production, according to GlitnirÆs research. As a leading seafood bank, Glitnir thus needs to be in China to service its international clients that are involved in China, as well as Chinese and other international seafood companies that are working in China.
Zhu, the chief representative of Glitnir's office and operations in Shanghai, holds an MBA from Maastricht School of Management in the Netherlands, and has more than 12 years banking experience with major European banks with a thorough understanding and know-how on banks' overall business, products and operation in China. He founded Standard Bank London Ltd, China Representative Office and worked more than four years as Chief Representative based in Shanghai. Jiang joined Glitnir in the spring of 2006 from InveStudio in Shanghai, where he has been managing partner since May 2003.
He says the Shanghai office will remain true to the Glitnir brand, focusing on providing its customers smart banking solutions: "Our office is committed to delivering industry-specific financial services, ranging from convenient financing and tailored financial risk consulting, to identifying appropriate industrial partners in other parts of the world. We place great emphasis on industry expertise, and provide a team of specialist bankers who combine banking and industry experience - i.e. people who speak the industry language and are truly at home in both worlds."
And if youÆre still not convinced that Icelandic business is on the rise in Asia, consider that during her visit to China in December Minister for Foreign Affairs Sverrisd=ttir also launched the Icelandic Business Forum, a framework for increased cooperation between the Icelandic Embassy in Beijing and Icelandic companies registered in China.
As Iceland's Ambassador in China Gunnar Snorri Gunnarsson says: "An increasing number of Icelandic companies have offices here in China and still others are considering the options and exploring possibilities to raise their profile here. Most of these companies face the same challenges and although some are competitors the scope for cooperation is without a doubt considerable.ö Companies like Eimskip, Bakkav÷r (Creative Foods), +ssur, Enex, Lexus, Green Diamond, Sµplast, CCP, Samskip, Icelandic and Icelandair as well as Glitnir are all companies that signed as members of the Icelandic Business Forum.
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