for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Kaupthing says board resigns as Iceland takes over

STOCKHOLM (Reuters) - Iceland's biggest bank Kaupthing KAUP.IC said on Thursday its board had resigned as Icelandic authorities took control of the bank, bringing most of the country's banking sector under state control.

Kaupthing said in a statement it had requested that the Icelandic Financial Supervisory Authority take control as the crisis for the North Atlantic island’s banking sector deepened.

“The Icelandic (financial regulator) FSA has appointed a winding-up committee which now wields all the authority of the board of directors,” Kaupthing said.

“The bank’s branches in Iceland will be open as usual, and it is hoped that the bank’s clients will be inconvenienced as little as possible by these changes.”

The bank’s Swedish unit, Kaupthing Bank Sverige, said separately that it was not included in the takeover by the Icelandic authorities.

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up