Landsbanki, Iceland's number two bank by market capitalisation, opened a branch office in Hong Kong in November. Group Managing Director and CEO, Sigurjon P Arnason said: "It's important to be here. Maybe we should have gotten here earlier, but it's never too late."

Hong Kong's first Icelandic bank launched its presence with great style at the city's tallest building, the IFC located in the financial district of Central. Headed by Bjorn Arsaell Petursson who will oversee the bank's operations in the Asia Pacific region, it will serve as a base to explore lending and investment opportunities throughout the region. According to the bank, this is a strategy it had already successfully employed in the UK, continental Europe and most recently, North America.

The Reykjavik-based bank intends to diversify its loan portfolio across countries and sectors, and entering the Asian market is a step in the right direction. "We believe this region is the place to be in the 21st century," said Mr Arnason.

With the opening of the Hong Kong office, Landsbanki will have presence in 16 countries on three continents. Initially, Landsbanki's acitivities in Hong Kong will focus on structured and leveraged finance, trade and commodity finance and corporate finance. The bank also intends to build on the strong partnerships it has established in the city with companies in the seafood industry which have headquarters here. In the second phase, the Hong Kong office might make available to Asian investors Landsbanki's wide range of equity products and high-performance money market funds.

Landsbanki will be establishing a branch in Singapore in early 2008 to serve the needs of the clients in wealth management and further expand the bank's corporate advisory services.

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