On Saturday October 19, the Icelandic
government's executive committee on privatization, which
operates out of the prime minister's office in Reykjavik,
announced its decision to sell 45.8% of Landsbanki.
The stake in the country's second-largest commercial bank is set
to go to Samson Holding, an investor group whose board comprises
three wealthy Icelanders who made their fortune in brewing in
Russia: Björgólfur Thor Bjorgolfsson, his father Björgólfur
Gudmundsson and their long-standing business partner, Magnus
Thorsteinsson.
There are a small number of people in Iceland who question -
quietly, given their wealth and influence - whether the father and
son are suitable choices to control such a big stake in such an
important component of the Icelandic economy.
Outside Iceland, Landsbanki is mainly familiar to international
bond investors and banks that have helped fund its loan growth in
recent years.
It has an operation in Guernsey. And its biggest international
move was the...
