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Straumur - Burdaras hf (ICE:STRB) Straumur-Burdaras Investment Bank hf. ("Straumur") has reached an agreement with the administrators of UK securities and advisory firm Teathers Limited (in administration) ("Teathers") to acquire the rights to the name of "Teathers" and other assets relating to the successful operation of its business. Furthermore, Straumur is recruiting up to 80 of Teathers' employees.
The planned recruitments constitute a majority of Teathers' current front office staff and they focus on corporate finance, equity sales, trading and research and investment funds, as well as some support areas. They will operate under the Teathers name from Straumur's London Branch office. The operations will be led by Nick Stagg, CEO of Teathers, who will join the Management Committee of Straumur and report to William Fall.
William Fall, CEO of Straumur: "The addition of these client-driven investment banking activities extends our ambition to build a broader-based company across our chosen footprint. The establishment of a strong foothold in the London market, through the recruitment of an excellent team under Nick Stagg, will furthermore allow us to build a distribution window for our other Northern and Eastern European businesses, that have become part of our company over the past two years. Straumur has deliberately maintained a strong balance sheet in order to provide a solid platform to continue to grow its client-driven activities. I am delighted with this move and welcome Nick and his team."
Nick Stagg, CEO of Teathers: "Following on from the original discussions about Straumur acquiring our operations, the more recent talks highlighted the opportunities that we can build on within the Straumur group. Straumur has a clear focus on growing its client-driven income and we are very pleased that our operations will be a key part of this. To be part of this expanding group will give us an exciting platform from which to grow further, and a business model that is clear and straightforward."
For further information contact: Ólafur Teitur Gudnason Vice President, Media Relations Tel: +354 858 6778 E-mail: olafur.gudnason@straumur.net
Georg Andersen Senior Vice President, Head of Corporate Communications Tel: +354 858 6707 E-mail: georg.andersen@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. The Bank had total assets of EUR 6,201m as at the end of Q2 2008 and a capital adequacy ratio of 25.4%. Through organic growth and strategic acquisitions, the Bank has established operations in ten countries including Iceland, the UK, Denmark, Sweden, Finland and the Czech Republic and employs 520 people. Website: www.straumur.com.
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