[5] A large share of Stodir was controlled by Baugur Group which (reportedly by a number of companies) has an address in a single mailbox in the British Virgin Islands.

The financial group Glitnir offered universal banking and was a leading niche player in three global segments; seafood/food, sustainable energy, and offshore supply vessels.

In addition, Glitnir's subsidiary BNbank acquired 45 per cent of the shares in Norsk Privatøkonomi ASA, an independent financial advisory company with 12 branches in key areas of Norway, in July 2006.

The acquisition of 68.1 per cent of the shares in the Finnish investment firm FIM was announced in early February 2007 and completed later in the spring of 2007.

The takeover was led by Finn Haugan, the managing director of Sparebanken Midt-Norge which acquired a 25-percent stake in the bank.

It is also the task of the CEO to ensure that the bank's operations are at all times consistent with the articles of association of the company and applicable legislation.