Straumur (“Straumur” or the “Bank”) has acquired a 50% stake in Wood & Company, the leading independent investment house in central and eastern Europe (“CEE”), with the option of acquiring 100% no later than early 2011. The acquisition is a demonstration of the Bank’s determination to build a stronger international presence, and to increase its fee and commission income by conducting a greater proportion of client-driven business.

The purchase is made subject to the approval of the Icelandic Financial Supervisory Authority and the Czech Central Bank. The sale will be settled in cash with a significant portion in Straumur stock. The price is not disclosed, since the financial effects are insignificant.

Wood & Company is owned by four partners who have all committed to continue to run the company in partnership with Straumur.
A major increase in client base and geographic reach
Wood & Company, which has its headquarters in the Czech capital, Prague, and a presence in...