Seeking to build up a stake in the UK savings market, Iceland's Landsbanki has introduced an online savings account through its new UK savings business Icesave.
The online savings account will be the first product offered by Icesave, although there are plans for the new Landsbanki unit to introduce a broader selection of new savings products.
Landsbanki said that the launch of Icesave is part of the company’s continuing expansion into the UK market, which Landsbanki has defined as its most important market outside Iceland.
The move follows Landsbanki’s recent acquisition of a deposit-taking operation in Guernsey. The company believes that the deposits raised by Icesave and the Guernsey operation will provide it with ample opportunity to further diversify its funding strategy in the UK market.