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Kaupthing Bank granted Qatar Financial Centre license

Qatar: Monday, October 01 - 2007 @ 13:50

Kaupthing Bank, listed on the OMX Nordic Exchange in Iceland and Stockholm and headquartered in Reykjavik, Iceland, is one of the fastest growing financial groups in Europe.

The Bank offers integrated financial services to companies, institutional investors and high net worth individuals. Today it has operations in ten countries, supported by approximately 3,000 employees. This will increase to 16 countries following the completion of the recent acquisition of NIBC, a leading merchant bank in Western Europe. Moody’s and Fitch have assigned the Bank long term credit ratings of ‘Aa3’ and ‘A’ respectively, and Euromoney recently presented Kaupthing “Best Bank in the Nordic region” award.

In addition to the award of the QFC licence, Kaupthing Bank was recently granted a branch licence by the DFSA, in Dubai. Kaupthing expects to employ a team of approximately 10 -15 people in the area during the first year who will be supported by specialists from Europe and North America.

Stuart Pearce, CEO and Director General, QFC Authority said: “As the first Nordic bank to be authorised to join the QFC we are especially pleased to welcome Kaupthing Bank. Kaupthing Bank has an impressive track record and brings important links to the Nordic region which will enhance the geographic scope of the QFC and which will also support the growth of Qatar’s trading relations.”

Umar Ali, Managing Director and CEO, Kaupthing Bank Middle East commented: “The QFC is attracting many leading institutions from all over the world and we are very pleased to have received this licence and thereby benefit from the Centre’s strong legal and regulatory environment. We are absolutely delighted to be in Qatar and look forward to developing our business in this dynamic and forward looking market.”

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Monday, October 1- 2007 @ 13:50 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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