Minister Celebrates Kaupthing Bank’s Decision Skip to content

Minister Celebrates Kaupthing Bank’s Decision

Iceland’s Minister of Commerce Björgvin G. Sigurdsson stated yesterday that he is pleased with the decision of Kaupthing Bank to call off its planned takeover of Dutch bank NIBC.

Sigurdsson said he found the decision sensible and that it gave Kaupthing added credibility, ruv.is reports.

Kaupthing Bank announced on Tuesday that it had decided to cancel its planned acquisition of NIBC due to instability in financial markets.

After the announcement, the situation at Kaupthing improved: the bank’s credit default swaps (CDS) dropped and the value of its shares rose.

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