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Wednesday 03rd of December 2008

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October 9, 2008

Kaupthing Singer & Friedlander placed in administration

by Gill Montia

Story link: Kaupthing Singer & Friedlander placed in administration

The UK operations of Kaupthing Bank subsidiary, Kaupthing Singer & Friedlander (KSF), have been placed in administration.

The business specialised in corporate banking, investment banking, capital markets services, treasury services and wealth management services for private banking clients.

Yesterday the UK Government seized control of the firm, after the Financial Services Authority determined that KSF was no longer able to meet its obligations to depositors.

Around £2.5 billion in savings with KSF’s retail deposits business, Kaupthing Edge, have been transferred to ING Direct, the e-savings division of Dutch group ING.

Yesterday, ING Direct also took over £538 million of deposits from Heritable Bank, part of the Landsbanki group.

Meanwhile, KSF’s commercial customers have been promised support from the UK Government, which has taken temporary ownership of the company’s UK assets.

The troubles in the Icelandic banking sector surfaced at the beginning of last week, since when both Glitnir and Landsbanki (the country’s third and second largest banks) have been nationalised.

It is understood that KSF employed several hundred staff in the UK.

 

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