Iceland's Kaupthing Sells Faroes Unit

STOCKHOLM Fri Dec 28, 2007 3:02pm EST

STOCKHOLM (Reuters) - Icelandic bank Kaupthing KAUP.IC said on Friday it had sold its operation in the Faroe Islands to Eik Banki P/F FO-EIK.CO.

Kaupthing did not give any financial details of the sale, but said its Faroe Islands unit had 30 employees and that the disposal would have an insignificant effect on its operations and balance sheet.

The Icelandic bank has expanded aggressively over the last few years, buying targets in Holland, Denmark, Britain and Sweden.

(Reporting by Simon Johnson, Editing by Erica Billingham)

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