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
Ed Gasgoigne-Pees
Managing Director, Financial Dynamics
Tel: +44 (0)20 7269 7132
E-mail: ed.gascoigne-pees@fd.com
Felicity Murdoch
Assosicate Vice President, Fincancial Dynamics
Tel: +44 (0)20 7269 7243
E-mail: felicity.murdoch@fd.com
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.
Straumur acquires "Teathers" name and is recruiting up to 80
| Source: Straumur-Burðarás Fjárfestingabanki hf.