Kaupthing Bank raises equivalent of EUR 1.3 billion in long-term funding
This new funding of EUR 1.3 billion adds to the strong liquidity position, which is further supported by the fact that Kaupthing Singer & Friedlander will be exiting its Asset Finance and Commodity Trade Finance businesses in the UK (announced on 25 February), which is expected to free up liquidity in excess of GBP 1 billion (EUR 1.3 billion) in 2008. Further funding this year will be aimed at financing the modest growth of the Bank and pre-funding the year 2009.
Gudni Adalsteinsson - Chief Treasurer, + 354 444-6126 or Jónas Sigurgeirsson - Chief Communications Officer, +354 444-6112
About Kaupthing Bank
Kaupthing Bank offers comprehensive commercial and investment banking services to individuals, companies and institutional investors. The Bank is a leading player in all the main areas of the Icelandic financial market, and in addition to Iceland, the Bank's key markets are Denmark and the United Kingdom. The Bank focuses on the growth and development of its international activities and aims to be one of the leading investment banks in northern Europe.
Kaupthing Bank operates in thirteen countries with its headquarters located in Reykjavík. The Bank's main subsidiaries are FIH Erhvervsbank in Denmark, Kaupthing Singer & Friedlander in the United Kingdom, Kaupthing Bank Sverige, Kaupthing Bank Luxembourg, Kaupthing Bank in Finland, Norvestia Oyj in Finland, Kaupthing New York, Kaupthing Switzerland, Kaupthing Bank Belgium and Kaupthing Bank Norge in Norway. The Bank also has activities in Isle of Man, the Dubai International Financial Centre (DIFC) and the Qatar Financial Centre (QFC). As of 31 December 2007 the number of full-time equivalent positions was 3,334 at Kaupthing Bank and its subsidiaries. www.kaupthing.com
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