Fitch affirms Landsbanki at 'A' with stable outlook
Fitch Ratings has today affirmed Iceland-based Landsbanki Islands'
(Landsbanki) ratings at Long-term Issuer Default (IDR) 'A',
Short-term IDR 'F1', Individual 'B/C', Support '2' and Support Rating
Floor 'BBB'. The Outlook for the Long-term IDR is Stable.
In their statement, Fitch marks that the ratings reflect Landsbanki's
leading position in its domestic market, the growing diversification
of its earnings, its prudent provisioning policies, comfortable
capitalisation and marked improvement in its funding profile. They
also take into account its still large equity portfolio, and the
potential volatility in its domestic market and
Please find attached Fitch's full press release published today.
For further information please contact:
Landsbanki's CEOs Sigurjón Th. Árnason, tel. +354 410-4009 / +354 898
0177 and Halldór J. Kristjánsson, tel. +354 410 4015 / +354 820 6399.
Media Relations - Andrew Walton, Financial Dynamics, tel: +44 20 7269
7204 / mob: +44 7711 264 157.
Landsbanki is a growing European bank with total assets of ISK 2,847
billion (EUR 32.4 bn) at 30 September 2007 and a market
capitalisation of ISK 403 billion (EUR 4.3 bn) at 22 November 2007.
Through its extensive distribution network of 2,499 employees in 17
countries, Landsbanki is set to deliver targeted financial services
based on local expertise for mid-cap corporates in Europe. Landsbanki
provides retail and corporate banking, investment banking, capital
markets services, asset management and wealth management for private
banking clients. Landsbanki's unique product line includes access to
both debt and equity markets and its research department is among the
most comprehensive in Europe, including some 90 analysts covering
close to 900 European stocks.
The market leader of the Icelandic financial service sector,
Landsbanki's growth in recent years has been primarily organic, based
upon small strategically acquired platforms in the UK, Ireland and
Continental Europe. Most recently, the bank acquired the securities
broker and investment bank Bridgewell in the UK.
Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. is traded
on the OMX Nordic Exchange Iceland under the symbol .
Landsbanki is rated by Moody's (Aa3 / P-1 / C / Stable) and Fitch (A
/ F1 / B/C / Stable).
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