Yesterday, Fitch Ratings affirmed Landsbanki's credit 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 credit analysis, 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 capital-market-related activities.
Please find attached Fitch's full credit analysis and press release. For
further information on Landsbanki's credit ratings, please visit
www.landsbanki.is/english/investorrelations/debtinvestors/creditratings.
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 or Brynjólfur
Helgason, Alternate CEO and MD International Banking.
Media Relations - Andrew Walton, Financial Dynamics, tel: +44 20 7269 7204 /
mob: +44 7711 264 157.
About Landsbanki
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 400
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 <LAIS IR>. Landsbanki is rated by
Moody's (Aa3 / P-1 / C / Stable) and Fitch (A / F1 / B/C / Stable).
