Corporate banking. Of the business segments referred to above, the corporate banking division was the most geographically diverse business, focused on asset-based lending (‘ABL’), cash flow finance and trade finance. The ABL product was first introduced in 2005 and by 2008 the division had teams located in the UK (London, Birmingham and Manchester) and Germany (Frankfurt). The bank also had plans to enter the US and Spanish markets with the ABL product and had opened offices there to facilitate those plans. Teams in London and Amsterdam were also active in the European structured loan market (cash flow finance). These teams were both originating deals for syndication and participating in larger syndications. Trade finance focused on providing a full range of financial services to fisheries and seafood industry both in Iceland and internationally. The bank’s business in seafood trade finance had teams located in Reykjavík, London, Amsterdam, Oslo, Halifax (Canada) and Hong Kong. The bank had adapted this product to other commodity industries worldwide including agricultural products such as sugar, coffee, corn and soya beans.
