Kaupthing Singer & Friedlander
|This article's factual accuracy may be compromised due to out-of-date information. (November 2010)|
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 in response to the failure of its parent as a result of the financial crisis of 2007–08.
Singer & Friedlander
Singer & Friedlander Plc was originally a City of London based merchant bank. It was founded in 1907 by Julius Singer and Ernst Friedlander. Legendary currency speculator George Soros is perhaps Singer and Friedlander’s most successful ex-employee. 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
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. 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.