Fitch Ratings has today put the Long-term and Short-term Issuer Default Ratings
and individual ratings of the Icelandic banks, including Landsbanki, on Rating
Watch Negative. Fitch expects to resolve the Rating Watch Negative on the banks
over the coming weeks following a more thorough review of their financial and
risk profile. Fitch Ratings has also put the Long-term and Short-term IDRs of
Heritable Bank, the UK-based subsidiary of Landsbanki Islands, on Rating Watch
Negative.
For further information on the rating action, please refer to the attached
press release from Fitch.
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 3,058 billion
(EUR 33.4 bn) at year-end 2007 and a market capitalisation of ISK 332 billion
(EUR 2.74 bn) as of 1 April 2008. Through its extensive distribution network of
2,640employees 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 100 analysts covering close to 950 European stocks.
The market leader in the Icelandic financial service sector, Landsbanki's
growth in recent years has been primarily organic, based upon smaller,
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 ticker LAIS. Landsbanki is rated by
Moody's (A2 / P-1 / C- / Stable) and Fitch (A / F1 / B/C / Stable).
