SOURCE: Landsbanki Íslands hf

April 27, 2007 17:07 ET

Landsbanki Opens in Winnipeg, Canada

REYKJAVIK, ICELAND -- (MARKET WIRE) -- April 27, 2007 -- Today the President of Iceland, Ólafur Ragnar Grímsson attended formal opening ceremonies for Landsbanki's new representative office in Winnipeg, Canada.

To begin with, Landsbanki's Winnipeg office will introduce private banking services to Western Canadians. The bank provides customised investment options for high net-worth clients, through its investment expertise and direct access to securities markets in Iceland and 13 other European countries. Landsbanki has already established a Canadian office in Halifax, Nova Scotia, located on the Atlantic coast, to promote its corporate finance and advisory services. The opening of Landsbanki's new Winnipeg office has been awaited with considerable anticipation, not least among approximately 80,000 Manitobans of Icelandic descent.

Landsbanki hopes to open a foreign bank in Winnipeg in the near future, offering a wider variety of banking services, all of them supervised by the Canadian financial regulators.

In his address at the formal opening ceremonies, Björgólfur Guðmundsson, Chairman of the Board of Directors of Landsbanki, offered a new perspective on the historical relationship. "Relations between Icelanders both in Canada and in Iceland have always been warm, although in the economic sphere they have not previously been especially strong. Up until now, the relationship has focused primarily on our common origin and heritage, but I hope that, with the opening of this office here today, we can begin building business relations to supplement our vital cultural connections. I am confident that such relations between Icelanders in Canada and in Iceland will in the future prove to be to our mutual benefit - and enjoyment."

Halldór J. Kristjánsson, Landsbanki's CEO remarked: "In recent years Landsbanki has greatly expanded its overseas operations, to the point where now over half of the bank's income originates abroad. In opening an office in Winnipeg, we will introduce the same services we provide in other countries, with the difference that here we hope to attract customers with whom we have, for historical reasons, especially close ties. One might say that we are offering Western Icelanders a chance to take advantage of our international financial experience and expertise, and at the same time to be part of the positive development of Icelandic enterprises and the Icelandic economy. In so doing we open up a route to all Europe's leading investment markets."

For further information: Media Relations - Andrew Walton, Financial Dynamics, tel: +44 20 7269 7204 / mob: +44 7711 264 157. Landsbanki - Tinna Molphy, Investor Relations, and tel: +354 410 7200 / mob: +354 861 1440.

About Landsbanki Landsbanki is a growing European bank with total assets of ISK 2,173 billion (EUR 23.2bn) and a market capitalisation of ISK 321 billion (EUR 3.4 bn) at year-end 2006. Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. is traded on the OMX Nordic Exchange Iceland under the symbol (LAIS IR). Landsbanki is rated by Moody's (Aa3 / P-1 / C / Stable) and Fitch (A / F1 / B/C / Stable).

Since its establishment in 1886, Landsbanki has been instrumental in the economic development of business and industry in Iceland. Landsbanki has positioned itself as Iceland's primary provider of general and specialised financial services to individuals, corporate entities and institutions. The bank holds a market share of over 30% in all major business segments and has the country's most extensive branch network.

Building on its strong foundation in Iceland, Landsbanki has successfully extended its financial operations into new markets, focusing on serving mid-cap corporates in Europe in a transactional setting. The bank's unique product line includes access to both debt and equity markets; its research department. is among the most comprehensive in Europe, including some 90 analysts covering more than 800 European stocks locally. Landsbanki and its subsidiaries have operate in all major financial centres of Europe, and have North American representation in New York, Halifax, and Winnipeg. Through its extensive distribution network, Landsbanki has a strong platform to deliver targeted financial services based on local expertise.

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