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In 2005 Landsbanki Íslands hf. opened a branch in London. The principal activities of the branch, before the appointment of a Resolution Committee, were loans to small and medium-size corporations.
The branch’s primary assets are portfolios of asset based and leveraged loans. Collection has been very successful and about forty percent of the London Branch assets has been collected. In addition, the branch assists in managing the bank’s large equity holdings in several UK retail companies. Liquid assets collected that are not used for operational purposes await disbursement with the treasury.
In addition to direct asset management, the London Branch supports the claims process by providing assistance to the Resolution Committee and the Winding up Board across a range of products and counterparties.
Landsbanki London Branch loan portfolios and related equity holdings are managed in-house by banking and risk professionals. Landsbanki has lent across leverage lending, asset based lending and trade finance and is actively working on recovery of the assets according the the policy of maximizing asset value for the creditors of the bank. Financial and/or legal advisors are engaged where applicable. Other assets under management include market securities albeit most holdings were sold through 2009 and first half of 2010.
Financial control, reporting, accounting, operational matters, loan administration, settlements and cash movements, is fully covered by in house finance professionals and operations specialists . This includes any support given to the claims process and winding up of the bank, as well as leading some of the bank‘s recovery work across a range of products and a number of counterparties. System and network support for the branch as well as general IT support is proveded by an in house team which is supported by a service agreement with NBI hf.
An in house lawyer and a compliance officer handle any ongoing legal and regulatory matters relating to the London Branch and any other issues where assistance is required. For more extensive matters the bank engages with specialized legal advisors across a range of practices and jurstictions.