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Kaupthing Bank Luxembourg acquires Robeco Bank Belgium

10-21-2007 05:32 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Kaupthing Bank

Reykjavik, Iceland--October 21st 2007--Kaupthing Bank Luxembourg S.A., a subsidiary of Kaupthing Bank hf., has signed an agreement by which Kaupthing Bank Luxembourg S.A. purchases Robeco Bank Belgium.

Robeco Bank Belgium is a small Belgian bank that was founded in 2002 and focuses mainly on private banking and asset management. The bank has 32 employees and is based in Brussels and Antwerp. Robeco Bank Belgium has 6,800 clients. At the end of August 2007, the part of client's assets placed as deposits amounted to approximately EUR 300 million. This acquisition will have an insignificant effect on Kaupthing Bank Luxembourg's operations.

Magnus Gudmundsson, Managing Director of Kaupthing Bank Luxembourg:
"Robeco Bank Belgium represents a good strategic fit for Kaupthing Bank Luxembourg. This acquisition is a logical step in building up Private Banking offerings in the Benelux countries. By taking over the activities of Robeco Bank we become immediately operational in Belgium and will have a platform there for further growth."

The transaction is subject to the approval of the Luxembourgish and the Belgian Financial Supervisory Authorities. The acquisition is expected to be closed before year end.

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.

For further information about Kaupthing Bank visit the company's website:

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