Iceland’s Kaupthing Bank Buys Subprime Sufferer NIBC

Iceland’s Kaupthing Bank today agreed to buy Holland’s NIBC merchant bank for approximately €3 billion ($4 billion), but NIBC's U.S. subprime related portfolio will be sold prior to the completion to a company controlled by the sellers.

  • 15 Aug 2007

-- Daniel Flatt

Iceland’s Kaupthing Bank today agreed to buy Holland’s NIBC merchant bank for approximately €3 billion ($4 billion),only a week after NIBC reported mark-to-market losses of €137 million ($184 million) on its U.S. ABS investment book in the first half of 2007. As part of terms ...

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