DOCSLIB.ORG

Prospectus Landsbanki November 2005

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Prospectus Landsbanki November 2005 Prospectus Landsbanki Íslands hf. November 2005 This is an unauthorized translation of the Icelandic original prospectus. In the event of any discrepancies the original Icelandic version shall prevail. Contents 1 Declarations.............................................................................................................3 1.1 Issuer’s Statement ................................................................................................ 3 1.2 Declaration by the Issue Co-ordinator .................................................................... 3 1.3 Declaration by the Auditors.................................................................................... 4 2 Notice to Investors...................................................................................................5 3 General Information.................................................................................................6 4 Risk .......................................................................................................................10 4.1 Equity investment risk......................................................................................... 10 4.2 Managing Landsbanki’s risk.................................................................................. 10 4.3 Counterparty risk ................................................................................................ 11 4.4 Market Risk......................................................................................................... 15 4.5 Operational Risk.................................................................................................. 18 4.6 Mismatch of assets and liabilities.......................................................................... 21 4.7 The Economic Outlook and its Impact on Landsbanki’s Operations ......................... 23 5 Share Capital and Shareholders ..............................................................................26 5.1 Share capital....................................................................................................... 26 5.2 Shareholders ...................................................................................................... 27 6 Merger of Landsbanki and Burðarás hf....................................................................29 7 History, organisation, Board of Directors and employees .........................................31 7.1 An overview of Landsbanki’s history ..................................................................... 31 7.2 Organisation ....................................................................................................... 33 7.3 Board of Directors ............................................................................................... 40 7.4 Employees .......................................................................................................... 40 7.5 Auditors.............................................................................................................. 44 8 Activities and Operating Environment .....................................................................45 8.1 Strategy and objectives ....................................................................................... 45 8.2 Divisions ............................................................................................................. 46 9 Outlook and Future Vision ......................................................................................57 10 Performance and Balance Sheet..............................................................................59 10.1 Nine-month interim financial statements 2005 .................................................. 59 10.2 Annual Results 2002-2004 ............................................................................... 69 11 Annexes.................................................................................................................74 Landsbanki Íslands hf. Prospectus, November 2005 2 1 Declarations 1.1 Issuer’s Statement The Board of Directors and CEOs of Landsbanki Íslands hf., Id. No. 540291-2259, Austurstræti 11, 155 Reykjavík, Iceland, hereby declare that, to the best of their knowledge, the information in this prospectus both accords fully with the facts and no important items have been omitted which could affect evaluation of the issuer or its securities. Reykjavík, 11 November 2005, ________________________________ On behalf of the Board of Directors, Björgólfur Guðmundsson, Id. No. 020141-7199, Chairman of the Board of Directors of Landsbanki Íslands hf. ________________________________ ________________________________ Halldór J. Kristjánsson, Id. No. 130155-4569, Sigurjón Þ. Árnason, Id. No. 240766-3109, CEO, CEO, Landsbanki Íslands hf. CEO, Landsbanki Íslands hf. 1.2 Declaration by the Issue Co-ordinator Corporate Finance of Landsbanki Íslands hf., Id. No. 540291-2259, Hafnarstræti 5, 155 Reykjavík, hereby declares that in preparing this prospectus it has gathered the data which in its estimation was necessary to provide a true and fair picture of Landsbanki Íslands hf. and its securities. To the best of our knowledge no important items have been omitted which could effect the evaluation of the issuer or the securities for which listing is sought. Reykjavík, 11 November 2005, _______________________________ Bjarni Þórður Bjarnason, Id. No. 110469-5869, Head of Corporate Finance, Landsbanki Íslands hf. Landsbanki Íslands hf. Prospectus, November 2005 3 1.3 Declaration by the Auditors We the undersigned, PriceWaterhouseCoopers hf., Id. No. 690681-0579, Skógarhlíð 12, 105 Reykjavík, have audited and endorsed without reservation the annual financial statements of Landsbanki Íslands hf. for the years 2002, 2003 and 2004. We have also examined the group interim financial statements for the period 1 January to 30 September 2005. Our examination was carried out in accordance with international auditing standards. Such an examination is limited to questioning employees and analysing the various items of the accounts; it does not involve such extensive actions as an audit intended to result in an opinion on the accounts as a whole. Our responsibility is limited to providing an opinion on the interim financial statements based on our examination. Our examination did not reveal anything to indicate otherwise than that the interim financial statements give a true and fair picture of the Bank’s performance during this period, its balance sheet as of 30 September 2005 and changes to its financial structure occurring during the period, in accordance with IAS 34 (Interim Financial Reporting). We confirm that other information contained in this prospectus concerning the accounts of Landsbanki Íslands hf. accords with the financial statements referred to. Reykjavík, 11 November 2005, On behalf of PriceWaterhouseCoopers hf. ________________________________ ________________________________ Hjalti Schiöth, Id. No. 141261-4289 Vignir Rafn Gíslason, Id. No. 140467-5379 Landsbanki Íslands hf. Prospectus, November 2005 4 2 Notice to Investors This prospectus has been prepared by the Corporate Finance section of Landsbanki Íslands hf., in co- operation with the Bank’s Board of Directors, senior management and auditors. The prospectus is published in connection with two increases in Landsbanki’s share capital which took place recently. The former increase, of ISK 800,000,000 nominal value, was listed on the Iceland Stock Exchange Ltd. (ICEX) on 18 April 2005. The latter increase, of ISK 2,120,677,803 nominal value, was approved by a shareholders’ meeting of Landsbanki Íslands hf. on 15 September 2005, and listed on ICEX on 3 October 2004 Since the total increase amounts to more than 10% of Landsbanki’s total share capital in the space of 12 months, the company must issue a prospectus as provided for in subparagraph a, Point 3 of Article 1 of Annex IV to Regulation No. 434/1999. Listing of new share capital in Landsbanki Íslands hf. is carried out as provided for in Act No. 34/1998, on the Activities of Stock Exchanges and Regulated OTC Markets, and the ICEX Rules for Issuers of Securities Listed on the Iceland Stock Exchange Ltd. Purchase of equities is inherently a risk investment, based on expectancy of future profit. This prospectus may not in any way be regarded as a promise of successful operations or a return on funds by Landsbanki Íslands hf. Investors are advised to acquaint themselves thoroughly with this prospectus, together with its annexes. The information presented in this prospectus reflects its date of issue. Landsbanki Íslands hf. is listed on the ICEX Main List and complies with ICEX rules on on- going information disclosure. Investors are advised to follow the news announcements and notifications which may be published in the ICEX News System concerning the Bank once the prospectus has been issued. Each investor must base a decision on investment in shares of Landsbanki Íslands hf. on his/her own examination and analysis of the information presented in the prospectus. Investors are advised to study their legal position, including taxation issues which may be relevant to their transactions in Landsbanki’s shares. Investors are urged especially to acquaint themselves well with the discussion of risk provided in Chapter 4 of this prospectus. In this prospectus the words “Landsbanki”, “the Bank” and “the Company” all refer to the group Landsbanki Íslands hf. unless otherwise indicated by the wording or context. Upon the publication of this prospectus,
Load more

Recommended publications
  • Directive 94/19/EC on Deposit-Guarantee Schemes – Obligation of Result – Emanation of the State – Discrimination)
    JUDGMENT OF THE COURT 28 January 2013 (Directive 94/19/EC on deposit-guarantee schemes – Obligation of result – Emanation of the State – Discrimination) In Case E-16/11, EFTA Surveillance Authority, represented by Xavier Lewis, Director, and Gjermund Mathisen, Officer, Department of Legal & Executive Affairs, acting as Agents, applicant, supported by the European Commission, represented by its Agents Enrico Traversa, Albert Nijenhuis and Karl-Philipp Wojcik, intervener, v Iceland, represented by Kristján Andri Stefánsson, Agent, Tim Ward QC, Lead counsel, Jóhannes Karl Sveinsson, Co-counsel, defendant, APPLICATION for a declaration that by failing to ensure payment of the minimum amount of compensation to Icesave depositors in the Netherlands and in the United Kingdom provided for in Article 7(1) of the Act referred to at point 19a of Annex IX to the Agreement on the European Economic Area (Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes) within the time limits laid down in Article 10 of the Act, Iceland has failed to comply with the obligations resulting from that Act, in particular its Articles 3, 4, 7 and 10, and/or Article 4 of the Agreement on the European Economic Area. – 2 – THE COURT, composed of: Carl Baudenbacher, President and Judge Rapporteur, Páll Hreinsson, and Ola Mestad (ad hoc), Judges, Registrar: Gunnar Selvik, - having regard to the written pleadings of the parties and the intervener and the written observations of the Principality of Liechtenstein, represented
    [Show full text]
  • Iceland's Financial Crisis
    Iceland’s Financial Crisis A Global Crisis • The current economic turmoil in Iceland is part of a complex global financial crisis and is by no means an isolated event. • Governments around the world have introduced emergency measures to protect their financial system and rescue their banks, as they suffer from a severe liquidity shortage. • Thus far, Iceland has been hit particularly hard by this unprecedented financial storm due to the large size of the banking sector in comparison to the overall economy. • The Icelandic Government has taken measures and is working hard to resolve the situation, both independently and in cooperation with other parties. • Iceland is cooperating with its Nordic and European partners and is currently consulting with the IMF on measures toward further stabilization of the Icelandic economy. 1 Bank Liquidity Tightens • The liquidity position of Icelandic banks tightened significantly in late September and early October as interbank markets froze following the collapse of Lehman Brothers. • The nationalization of Glitnir, one of Iceland’s three major banks, on Sept. 29 th , led to a credit rating downgrade on sovereign debt and that of all the major banks. • This led to further deterioration of liquidity. • Early October, all three banks were suffering from a severe liquidity shortage and in dire need for Central Bank emergency funding. Negative coverage on the Icelandic economy, particularly in the U.K, did not help either. • By mid-October, all three banks, Glitnir, Landsbanki and Kaupthing, had been taken over by the government on the basis of a new emergency law. • The banks had become too large to rescue.
    [Show full text]
  • Special Report
    September 2014 turnarounds & Workouts 7 Special Report European Restructuring Practices of Major U.S. Law Firms, page 1 Firm Senior Professionals Representative Clients Bingham McCutchen James Roome Elisabeth Baltay Creditors of: Arcapita Bank, Bulgaria Telecommunications/Vivacom, Crest +44.20.7661.5300 Barry G. Russell Liz Osborne Nicholson, Dannemora Minerals, DEPFA Bank, Findus Foods, Gala Coral, www.bingham.com James Terry Neil Devaney Icelandic Banks (Kaupthing, Glitnir and Landsbanki), Invitel, Klöckner Stephen Peppiatt Emma Simmonds Pentaplast, Media Works, Northland Resources, Oceanografia, OSX3 Leasing Tom Bannister B.V., Petromena, Petroplus, Preem, Punch Taverns, Royal Imtech, Selecta, Sevan Marine, Skeie Drilling, Straumur, Technicolor S.A. (Thomson S.A.), Terreal, The Quinn Group, Uralita, Wind Hellas, Xcite, and others. Cadwalader, Wickersham Gregory Petrick Louisa Watt Centerbridge Partners, Avenue Capital Group, GSO Capital Partners, & Taft Richard Nevins Paul Dunbar Oaktree Capital Management, Varde Partners, Golden Tree Asset +44 (0) 20 7170 8700 Yushan Ng Karen McMaster Management, Bluebay Asset Management, MBIA, Davidson Kempner, www.cadwalader.com Holly Neavill Alexis Kay Outrider Management, GLG Partners, Warwick Capital, Alchemy, Finnisterre Capital. Davis Polk Donald S. Bernstein Timothy Graulich Lehman Brothers International (Europe) and its U.K. Lehman affiliates, +44 20 7418 1300 Karen E. Wagner Elliot Moskowitz Sterling Equities in Madoff SIPA liquidation, Technicolor S.A., Royal www.davispolk.com Andrés V. Gil Thomas J. Reid Imtech, Carrefour, major global banks and financial institutions in Arnaud Pérès Christophe Perchet connection with several monoline insurance company restructurings, Marshall S. Huebner John Banes Goldman Sachs in connection with exposures to BP, Castle HoldCo 4, Benjamin S. Kaminetzky Reuven B.
    [Show full text]
  • World Bank Document
    Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized IN TiUS ISSUE The Great American Motor Rallye •...............•... Meet a Foreigner . .. Christma~ Cocktail Party Pictures. ............... Public Disclosure Authorized The following statement was made by Mr. Andrew N. Overby at the last Executive Directors' meeting in 1955. We think his words are most fitting as a thought for the New Year. "Mr. Chairman: "This, I believe. will be the last meeting of the year. and I think it is appropriate at this time not only to extend to the management and staff of the Bank the Board's Christmas greetings. but also their deep appreciation. of the work and able and efficient discharge of duty on behalf of the staff• . They wish also to pay tribute to the leadership of the management of the Bank which has taken us through another difficult year and. we think, without running afoul of too many rocks, and has taken us into some new and perhaps even interesting horizons lying ahead of us. "So with those words. we expres~ our appreciation, as well as our Christmas greetings to you and all the members of the staff, sir." CHRISTMAS CARDS RE<:;EIVED BY THE BANK, 1955 The First National Ciiy Bank of Caisse d'Epargne de L 'Etat, New York Luxembourg Amsterdamsche Bank The Workers' Bank Ltd., Israel Governor of the Bank of Greece Landsbanki Islands La Asociacion Mexicana de Caminos Central Hidroelectrica del Rio Federal Reserve Bank of New York Anchicaya, Limitada,. Colombia Bank of the Ryukyus Comptoir National d'Escompte de Banque de France Paris Industrial Development Bank of The Trust Company of Cuba Turkey Central Office of Information, Malta Nederlandsche Handel-Maatschappij.
    [Show full text]
  • POLICY INSIGHT No. 44 JANUJANUARY 2010
    abcd a POLICY INSIGHT No. 44 JANUJANUARY 2010 The saga of Icesave Jon Danielsson London School of Economics The President of Iceland has refused to sign a parlia- • Strong likelihood of state support in the event of mentary bill agreeing to compensate the governments systemic shock of the UK and Netherlands for deposit insurance pay- • Good financial fundamentals outs because of Icesave. This does not mean a rejection • Good efficiency levels of the country's obligations, nor any form of default. • Diversification of income On the contrary, the decision by the president stems • Capable credit risk management and good qual- from the fact that over 70% of Icelanders find the terms ity loan portfolios of the current deal unreasonable. • Adequate capitalisation • Prudent liquidity management Origin of the problem This coincided with one of the biggest asset bubbles the Iceland has traditionally had limited experience with world has ever seen, where anybody taking a highly international banking (Buiter and Sibert 2008). The leveraged bet was assured outsized profits. Eventually, financial system was highly regulated and politicised, the balance sheet of the banks swelled to 10 times the with the bulk of the system in government hands and GDP of Iceland. (See Danielsson and Zoega 2009). insulated from the outside world with capital controls until 1994. This all changed with the deregulation and So what is Icesave? privatisation of the financial system. Iceland adopted a new regulatory structure, in line with EU regulations, The Iceland banks started experiencing increasing prob- because of its European Economic Area membership. lems raising funds in international capital markets in Importantly, this meant that Icelandic banks could 2006.
    [Show full text]
  • Kaupthing Bank
    Kaupthing Bank - COMPANY UPDATE - HOLD Rating Summary and Conclusions Equity value 223,7 bn.ISK Kaupthing Bank acquires FIH Price 407,9 Kaupthing Bank (KB banki) has reached an agreement with Forenings Sparbanken (Swedbank) to Closing price 23.06.2004 429,5 purchase FI Holding, the holding company of the Danish corporate bank FIH. The purchase price amounts to ISK 84 billion (EUR 1,000 million), in addition to which Swedbank will retain part of Contents FIH's own equity. The acquisition will be financed with the issue of new share capital to holders of pre-emptive rights, as well as through subordinated debt. The price-to-book ratio for the Summary and Conclusions.........................................................1 transaction is 1.6. Kaupthing Bank acquires FIH....................................................2 Payment..................................................................................2 FIH is the third-largest bank in Danmark, with total assets close to ISK 800 bn at the end of Q1. It Financing.........................................................................2 was established in 1954 by the Danish state to encourage growth and development of Danish FIH...............................................................................................2 industry. FIH's activities are almost exclusively corporate lending. It holds a 17% share of the Danish Effect on group operations and value...................................3 corporate market and has around 5,000 customers, half of whom have been dealing with the
    [Show full text]
  • Summary of Government Interventions United Kingdom
    21 April 2009 Summary of Government Interventions United Kingdom Overview Beginning in April 2008 and accelerating from there on, the UK began taking numerous and substantial actions in order to combat the economic downturn. Amongst the most important measures enacted by the UK are: • Bank Recapitalisations; • Credit Guarantee Scheme; • Bank of England Liquidity Provisions; • Guarantee Scheme for Asset-Backed Securities; • Bank of England Asset Purchase Facility, and • Asset Protection Scheme. In addition to the above measures, the UK has enacted several other significant measures that will also be discussed below. Investments/recapitalisation Bank Recapitalisation Scheme On 8 October 2008, the UK announced several significant measures (the “Initial Stability Measures”) to provide financial stability to the economy by ensuring that banks and building societies in the UK had sufficient access to (i) short-term liquidity, (ii) new capital and (iii) funds for medium-term lending. Of the Initial Stability Measures, the UK’s scheme (the “Bank Recapitalisation Scheme”) to help banks increase the level of their tier 1 capital above the regulatory requirements was arguably the most significant. Under the Bank Recapitalisation Scheme, the UK sought and obtained the commited participation of many of the largest UK banks and building societies (specifcally, Abbey, Barclays, HBOS, HSBC Bank, Lloyds TSB, Nationwide Building Society, RBS and Standard Chartered), however the scheme is available to any “eligible insitution” (which are UK incorporated banks (including UK subsidiaries of foreign institutions) that have substantial business in the UK and building societies). The participating institutions agreed that they would increase their aggregate tier 1 capital by GBP 25bn.
    [Show full text]
  • Maintaining the Financial Stability of UK Banks: Update on the Support Schemes Our Vision Is to Help the Nation Spend Wisely
    REPOrt BY THE COMPTROLLER AND AUDITOR GENERAL HC 676 SESSION 2010–2011 15 DECEMBER 2010 HM Treasury Maintaining the financial stability of UK banks: update on the support schemes Our vision is to help the nation spend wisely. We apply the unique perspective of public audit to help Parliament and government drive lasting improvement in public services. The National Audit Office scrutinises public spending on behalf of Parliament. The Comptroller and Auditor General, Amyas Morse, is an Officer of the House of Commons. He is the head of the National Audit Office which employs some 900 staff. He and the National Audit Office are totally independent of Government. He certifies the accounts of all Government departments and a wide range of other public sector bodies; and he has statutory authority to report to Parliament on the economy, efficiency and effectiveness with which departments and other bodies have used their resources. Our work leads to savings and other efficiency gains worth many millions of pounds: £890 million in 2009-10. HM Treasury Maintaining the financial stability of UK banks: update on the support schemes Ordered by the House of Commons This report has been to be printed on 14 December 2010 prepared under Section 6 of the National Audit Act Report by the Comptroller and Auditor General 1983 for presentation to HC 676 Session 2010–2011 the House of Commons 15 December 2010 in accordance with Section 9 of the Act. London: The Stationery Office £14.75 Amyas Morse Comptroller and Auditor General National Audit Office 13 December 2010 Our December 2009 report Maintaining financial stability across the United Kingdom’s banking system provided a summary of the actions the Treasury took to support the UK banks through the financial crisis.
    [Show full text]
  • • the EFTA Court Pronounced Its Judgment on the Icesave Case
    Icesave: A farewell to uncertainty The EFTA court pronounced its judgment on the Icesave case yesterday. The court dismissed all pleas brought by the EFTA Surveillance Authority, and the ruling represented an outright victory for Iceland. Of the thirteen court cases brought by ESA against Iceland on behalf of EFTA through 2011, this is the first time that Iceland has emerged victorious. This eliminates all uncertainty associated with the resolution of the Icesave dispute in the last few years, which has, as we will see below, been damaging to the Icelandic economy. We expect the judgment to have a positive effect on the domestic economy. Icesave: A farewell to uncertainty The EFTA court pronounced its judgment on the Icesave case yesterday. The court dismissed all pleas brought by the EFTA Surveillance Authority, and the ruling represented an outright victory for Iceland. Of the thirteen court cases brought by ESA against Iceland on behalf of EFTA through 2011, this is the first time that Iceland has emerged victorious. This eliminates all uncertainty associated with the resolution of the Icesave dispute in the last few years, which has, as we will see below, been damaging to the Icelandic economy. This was a declaratory judgment in which the court ruled on the following points: 1) The violation of the EEA agreement by the Icelandic deposit guarantee fund. The court was of the opinion that the Icelandic authorities did not contravene the deposit guarantee directive by not ensuring that Icesave depositors were paid from the depositors’ and investors' guarantee fund (TIF) no later than 2009.
    [Show full text]
  • The 2008 Icelandic Bank Collapse: Foreign Factors
    The 2008 Icelandic Bank Collapse: Foreign Factors A Report for the Ministry of Finance and Economic Affairs Centre for Political and Economic Research at the Social Science Research Institute University of Iceland Reykjavik 19 September 2018 1 Summary 1. An international financial crisis started in August 2007, greatly intensifying in 2008. 2. In early 2008, European central banks apparently reached a quiet consensus that the Icelandic banking sector was too big, that it threatened financial stability with its aggressive deposit collection and that it should not be rescued. An additional reason the Bank of England rejected a currency swap deal with the CBI was that it did not want a financial centre in Iceland. 3. While the US had protected and assisted Iceland in the Cold War, now she was no longer considered strategically important. In September, the US Fed refused a dollar swap deal to the CBI similar to what it had made with the three Scandinavian central banks. 4. Despite repeated warnings from the CBI, little was done to prepare for the possible failure of the banks, both because many hoped for the best and because public opinion in Iceland was strongly in favour of the banks and of businessmen controlling them. 5. Hedge funds were active in betting against the krona and the banks and probably also in spreading rumours about Iceland’s vulnerability. In late September 2008, when Glitnir Bank was in trouble, the government decided to inject capital into it. But Glitnir’s major shareholder, a media magnate, started a campaign against this trust-building measure, and a bank run started.
    [Show full text]
  • The Landsbanki Freezing Order 2008
    Financial Sanctions Notice 17 October 2008 The Landsbanki Freezing Order 2008 Her Majesty’s Treasury issue this Notice to provide further guidance in relation to the Landsbanki Freezing Order 20081 (‘the Order’). Outline 1. This guidance provides further information about the effect of the Order. It should be read in its entirety by anyone with concerns about a particular transaction. However, some general points should be noted. 2. The Order is specific to Landsbanki and does not freeze the funds of any other Icelandic banks. It does not affect Icelandic companies with no links to Landsbanki. 3. The Order was made on 8 October 2008 because of the Treasury’s concerns that action to the detriment of the UK economy (or part of it) had been taken or was likely to be taken by certain persons, namely Landsbanki Islands hf. (‘Landsbanki’) and certain Authorities and the Government of Iceland involved in taking decisions in relation to Landsbanki. Its purpose is to help safeguard the UK economy by freezing assets of Landsbanki in the UK. 4. This action was deemed necessary because the emergency nationalisation law passed in Iceland on 7 October 20082 meant that UK creditors' rights could be prejudiced compared with other creditors. The Icelandic government had been unable to clarify the position of UK creditors in the administration process and there was therefore a threat to UK economic interests. 5. Freezing provisions: The Order places a freeze on funds owned, held or controlled by Landsbanki and funds relating to Landsbanki owned, held or controlled by certain Icelandic authorities and its Government.
    [Show full text]
  • Equity and Other Variable-Income Securities Listed
    Welcome Address Bjorgolfur Gudmundsson Chairman Landsbanki’s Profile & Halldor J. Kristjansson Strategic Objectives Group Managing Director & CEO Landsbanki’s Financial Sigurjón Þ. Árnason Group Managing Director & CEO Results 2005 Landsbanki’s International Brynjolfur Helgason Managing Director Int. Banking & Alternate Operations CEO Landsbanki’s Profile and Halldór J. Kristjánsson Strategic Objectives Group Managing Director & CEO 1 Landsbanki – A Changing Group 2 Managing Risk in a Growing Economy 3 Strategy and Objectives A Growing North European Bank Creation of a pan-European platform to further Moody's expand on Landsbanki´s products and services Long Term A2 - Teather & Greenwood Short Term P-1 - Kepler Equities Outlook Stable Bank Financial Strength C - Merrion Capital Subordinated Debt A3 Operations in 12 countries covering all major financial centers of Europe, as well as Jr Subordinated Baa1 representation in New York and Canada. Latest Review Feb 2005 Ratings Upgraded: A2 from A3 March 2005 Continued success and profitability of all Landsbanki franchises, including operations in Northern Europe and strong footing in domestic Fitch market Long Term A A record year in capital market funding activities Short Term F1 Strengthening of Capital Base Individual B/C Support 2 Credit Ratings Improved Outlook Stable Latest Review June 2005 Ratings Upgraded: B/C from C Nov 2005 Extensive Domestic and International Operations Iceland – HQ & home market Core Income by Location* - A universal bank offering a full range of financial products
    [Show full text]