Icelandic banking group Glitnir is establishing a new shared services IT unit under a restructuring of its capital markets operations.
The new unit will manage the bank's IT infrastructure as well as provide back office processing, facilities management and payroll processing services.
The division will employ around 250 people in Reykjavik and will be headed by Glitnir's managing director and chief operating officer Finnur Stefánsson.
Bjarni Ármannsson, Glitnir CEO, says: "The shared services unit will both support our domestic business and our subsidiaries and branches. Alignment of IT platforms and vision in the information technology area is pivotal to the bank's future success. With this change we will harmonise our approach."
The bank is also forming a Glitnir Markets unit consiting of its capital markets operations in Iceland, Norway and Sweden. The bank's equity, bond and macro research unit in Iceland will become part of the new division.
Ármannsson says the change will lead to "more focus on market research activities in Iceland, Norway and Sweden with the objectives of supporting our customers in making better decisions on their investments".
The Glitnir markets unit will be headed by managing director Frank Reite, although different activities will be overseen by the bank's current capital markets management group.