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Straumur - Burdaras hf (ICE:STRB) As announced on 1 October 2008, Straumur-Burdaras Investment Bank hf. (Straumur) and Landsbanki Islands hf. (Landsbanki) signed an agreement whereby Straumur acquired, subject to the approval of relevant regulatory and competition authorities, the majority of Landsbanki's overseas corporate finance and brokerage platforms for a consideration of €380m. The agreement applied to 100% of Landsbanki Securities (UK) Limited and Landsbanki Kepler, as well as Landsbanki's 84% stake in Merrion Landsbanki.
On 7 October 2008, Landsbanki announced that the Icelandic Financial Services Authority (FME) had decided to take over the powers invested in Landsbanki's shareholders meeting and Landsbanki's Board of Directors. Furthermore, that the FME had appointed a receivership committee which had assumed the role of Landsbanki's Board of Directors with immediate effect.
Furthermore, UK authorities announced on 8 October 2008 that they had taken steps to freeze assets of Landsbanki in the UK.
It has become clear that Landsbanki will not be in a position to fulfil its obligations under the share purchase agreement.
For these reasons, Straumur has today notified Landsbanki that the share purchase agreement is cancelled.
For further information contact: Ólafur Teitur Gudnason, Vice President, Media Relations Corporate Communications Tel: +354 858 6778 E-mail: olafur.gudnason@straumur.net
About Straumur: Straumur-Burdaras Investment Bank hf. offers a complete range of integrated financial services focusing on small and medium sized companies, institutional investors and individuals. The services provided include capital markets, corporate finance, debt finance, and asset management. Headquartered in Reykjavík, Straumur is Iceland's largest pure-play investment bank. The Bank had total assets of €6,201m as at the end of Q2 2008. Through organic growth and strategic acquisitions, the Bank has established operations in ten countries including the UK, Denmark, Sweden, Finland and the Czech Republic and now employs 520 people. Website: www.straumur.com.
