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Kaupthing says unit sells business to Close Brothers

Tue Aug 5, 2008 7:13am EDT

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STOCKHOLM, July 31 (Reuters) - Iceland's Kaupthing KAUP.IC said on Tuesday its Kaupthing Singer & Friedlander unit had sold its insurance premium finance business to Close Brothers (CBRO.L) at a small premium to net asset value.

Kaupthing, Iceland's biggest bank by market value, said the sale will free up more than 100 million pounds ($196 million) in liquidity for Kaupthing Singer & Friedlander. Terms of the deal were not disclosed.

It said the commodity trade finance business has effectively been closed and 97 percent of the initial portfolio, which was approximately 350 million pounds, has been run off.

Kaupthing, which bought Singer & Friedlander in 2005, said in February this year it would be leaving the asset finance and commodity trade finance businesses and had made structural changes within its banking division.



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