Glitnir bank in joint real estate venture with Sinopec's CGCOC

July 9, 2007 - PRLog -- Glitnir bank, a leading financial services group in Scandinavia, will take a 20 percent stake in the project, with CGCOC holding the remaining 80 percent. CGCOC is one of the main providers of infrastructure, energy exploitation and trade services in China and is a subsidiary of Sinopec – the China Petroleum and Chemical Corporation.
The development site covers 230,000 square metres, of which 15 percent will be set aside for commercial units and 85 percent for housing. The project is expected to take two years and will be one of the largest real estate projects in Shenyang.
The deal marks Glitnir's first real estate venture in China. In 2005 Glitnir financed the world’s largest district geothermal heating utility in Xianyang and in December 2006 added Shanghai to its list of global offices.
"Glitnir opened a representative office in Shanghai in order to best serve its customers in China and abroad. We believe our presence here will enable and encourage more international investment to flow into China,“ says Jiang Zhu, Director and Chief Representative of Glitnir in China.
Glitnir stands out from other international banks by offering expertise in niche industry sectors. The Nordic investment bank has formed teams of bankers who focus on the seafood industry, shipping and renewable energy as well as real estate. Glitnir hopes to use its expertise to tap into the expanding geothermal energy market in China. Geothermal energy is clean and renewable and has been recognised by China as having huge potential in meeting its ever-growing energy needs.
Visit Glitnir‘s website for more information on finance for real estate, geothermal energy, seafood and shipping projects http://www.glitnirbank.com.

# # #

Glitnir is a leading Nordic financial group that offers universal banking services. It is the sole owner of banks in Iceland, Luxembourg and Norway, and has branches in London, UK, and Copenhagen, Denmark, as well as a representative office in Halifax, Canada.

Website: www.glitnirbank.com