Burdaras hf to merge with Straumur Investment Bank Ltd and Landsbanki Islands hf

Nordic Business Report, August 2, 2005

NORDIC BUSINESS REPORT-2 August 2005-Burdaras hf to merge with Straumur Investment Bank Ltd and Landsbanki Islands hf(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

Icelandic bank Landsbanki Islands hf announced on Tuesday (2 August) a plan to divide the Icelandic investment company Burdaras hf and to merge the company with Straumur Investment Bank Ltd and Landsbanki Islands hf.

Certain assets of Burdaras, including shares in D. Carnegie & Co. AB, Intrum Justitia AB, Carrera Global Investments Ltd, Straumur Investment Bank Ltd and Marel hf and movable assets, would become part of Landsbanki.

Burdaras operations, together with the company's other assets, would be merged with Straumur.

The objective of Burdaras in dividing up and merging the company with Straumur and Landsbanki is primarily to provide its shareholders with the opportunity to acquire holdings in two strong financial undertakings, the company said.

The plan for the division and merger of the companies assumes that Burdaras will acquire shares in Ker hf and Egla hf from the investment company Fjarfestingarfelagid Grettir hf.

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