Changes at Iceland’s Kaupthing Bank Skip to content

Changes at Iceland’s Kaupthing Bank

By Iceland Review

The British branch of Kaupthing Bank, Kaupthing Singer & Friedlander, is preparing to shut down and sell operations that are not directly related to the bank’s core operations and is reorganizing the bank’s remaining company division in Britain.

With these changes, Kaupthing Bank will free up funds worth ISK 130 billion (USD 1.94 billion, EUR 1.31 million) and thus strengthen its liquid assets situation, Morgunbladid reports.

CEO of Kaupthing Singer & Friedlander Ármann Thorvaldsson said the purpose with the move is to use these funds to further strengthen and enlarge the core operations of the bank.

Thorvaldsson said these changes apply to about 200 of the bank’s employees in Britain—small offices will be closed down and comparable divisions merged—though he hopes most of these people will be able to keep their jobs.

However, almost 40 employees will be given notice immediately.

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