Kaupthing Bank to open a branch in Dubai

Kaupthing Bank has been granted a licence to operate a branch in the
Dubai International Financial Centre (DIFC).

Kaupthing Bank is the first Nordic bank to receive an operating
licence in this jurisdiction. Kaupthing will initially focus on
providing investment banking service in the region as well as
arranging wealth management services. The branch will be managed by
Umar Ali, Managing Director of Kaupthing's Middle East operations.
For further information please contact:
Umar Ali, Managing Director of  Kaupthing Middle East, +44 773 979
0449
Ólöf Pálsdóttir - Deputy Head of Investor Relations, +354 444 6569



About Kaupthing Bank
Kaupthing Bank is a Northern European bank offering integrated
financial services to companies, institutional investors and high net
worth individuals. These services include corporate banking,
investment banking, capital markets services, treasury services and
asset management and comprehensive wealth management for private
banking clients.

The bank operates in ten countries, including all the Nordic
countries, Luxembourg, Switzerland, the UK and the US. In addition,
the bank operates a retail franchise in Iceland, where it is
headquartered.

Based on Kaupthing's market capitalisation of EUR 9.9 billion as of
31 August 2007, the bank is currently the seventh largest bank in the
Nordic region. Through strong organic growth and strategic
acquisitions, such as the acquisition in Denmark of FIH Erhvervsbank
in 2004 and the acquisition of the UK-based bank Singer & Friedlander
in 2005, Kaupthing has successfully increased both the product and
geographic diversification of its operations. As of 30 June 2007 the
bank has 2,970 employees and total assets of EUR 54.3 billion.
www.kaupthing.com