Kaupthing to back Storebrand s acquisition of SPP

 | Source: Kaupthing Bank Kaupthing Bank 


Kaupthing Bank has decided to support Storebrand's acquisition of the
Swedish life insurance and pension provider SPP at Storebrand's
Extraordinary General Meeting on the 24th of October. Kaupthing will
also sub-underwrite the subsequent rights issue in proportion to its
20% stake in Storebrand. Kaupthing will furthermore seek approval
from the Ministry of Finance in Norway to sub-underwrite an
additional 10% of the rights issue, which could increase Kaupthing's
ownership in Storebrand up to approximately 25%.

Sigurdur Einarsson, Executive Chairman of Kaupthing Bank:"As a shareholder we regard this as a transforming acquisition for
Storebrand, creating a leading Nordic life insurance and pension
provider. The complementary nature of the operations of Storebrand
and SPP and the future growth opportunities of the combined entity
make this a sound and logical acquisition for Storebrand."

For further information please contact:
Jónas Sigurgeirsson, Chief Communications Officer, tel.  354-444-6112


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 twelve countries, including all the Nordic
countries (Denmark, Faroe Islands, Finland, Iceland, Norway and
Sweden), Luxembourg, Switzerland, the UK, the US, Dubai and Qatar.

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