Kaupthing Luxemburg not sold today

12.12.2008

It does not look like the sale of Kaupthing in Luxemburg will happen today as was expected. That is according to the sources of Morgunbladid.
The discussions of the Financial Supervisory Administration of Luxemburg, CSSF, and a Libyan investment bank are still going on, says the spokesman of the supervision.
As has been reported in the news of Morgunbladid new investors that will buy the bank have to put out twenty billion krona in new shares so it will be operative again. The commitment of those who buy the bank are great but the deposits in the bank are around 800 billion euro.
290 employees are in the bank, there of eighteen Icelanders. The bank was a subsidiary of Kaupthing here in Iceland, founded early in 1998, then as a stock broking company. Also there are branches of the bank in Swiss and The Netherlands. It is the first bank overseas owned by Icelanders.
News Article by Gunnhildur Arna Gunnarsdottir
Original Article in Icelandic