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Former financial services provider and merchant bank
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(
November 2010
)
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Kaupthing Singer & Friedlander
was a financial services provider offering corporate and
investment banking
services to small and medium-sized companies, as well as
wealth management
services for
high-net-worth individuals
. Primary areas of activity were treasury, investment management, capital markets services, asset finance, and
private banking
. The company was created in August 2006 by the merger of Singer & Friedlander Plc and Icelandic
Kaupthing Bank
. The UK government put the company into administration in October 2008
[1]
in response to the failure of its parent as a result of the
financial crisis of 2007?08
.
Singer & Friedlander
[
edit
]
Singer & Friedlander Plc was originally a
City of London
based
merchant bank
. It was founded in 1907 by Julius Singer and Ernst Friedlander.
George Soros
worked as a clerk and later moved to the arbitrage department of the company in the 1950s. In August 2005 it was acquired by Kaupthing Holdings UK Limited, a subsidiary of
Kaupthing Bank
, the largest bank in
Iceland
.
In August 2006 Singer & Friedlander moved its headquarters from the City of London to One Hanover Street, London, W1S 1AX in the
Mayfair
area in the
City of Westminster
in London. At the same time Kaupthing Bank's subsidiary in the UK, Kaupthing Limited, relocated to the same building and the entities merged to form Kaupthing Singer & Friedlander.
Financial crisis of 2007?2008
[
edit
]
On 8 October 2008 the UK Treasury used the
Banking (Special Provisions) Act 2008
to transfer Kaupthing Singer and Friedlander’s Kaupthing Edge deposit business to
ING Direct
, a wholly owned subsidiary of
ING Group
, the remainder of Kaupthing Singer and Friedlander's business was put into administration.
[2]
There is an ongoing dispute regarding ING's refusal to accept the terms of fixed rate deposits advertised on the Kaupthing Edge website after its acquisition of the company.
[
citation needed
]
References
[
edit
]
External links
[
edit
]
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