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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 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.
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 ]
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$1.1 trillion, it is one of the biggest banks in the world, and consistently ranks among the top 30 largest banks globally. It is among the top ten largest European companies by revenue.
Landsbanki, also commonly known as Landsbankinn which is now the name of the current rebuilt bank, was one of the largest Icelandic commercial banks that failed as part of the 2008–2011 Icelandic financial crisis when its subsidiary sparked the Icesave dispute. On October 7, 2008, the Icelandic Financial Supervisory Authority took control of Landsbanki and created a new bank for all the domestic operations called Nýi Landsbanki so that the domestic bank could continue to operate, the new bank continued to operate under the Landsbanki name in Iceland.
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HBOS plc was a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division.
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