History
Straumur was founded in October 1986 as the Equity Fund (Hlutabréfasjóðurinn hf.) – an incentive for individuals in Iceland to invest in shares – and by 2001 it had become an investment company.
Over the next few years, the fund grew rapidly and was merged with a number of other Icelandic investment funds. In 2004, the Icelandic Financial Supervisory Authority approved Straumur's application for a license to operate as a credit undertaking and three more sources of income – brokerage, debt finance and corporate finance – were added to create a more regular flow of income.
In September 2005, Straumur merged with Burdarás, creating Iceland’s largest investment bank. The newly merged organisation had a stronger balance sheet and shareholder base and was well positioned to start expanding its activities beyond Iceland.
Straumur-Burdaras, now ALMC, was the largest investment bank in Iceland prior to the financial collapse in 2008 with assets worth roughly EUR 7bn and around 500 employees.
Although the bank initially survived the financial turmoil in late 2008, Financial Supervisory Authority of Iceland (FME) assumed control of Straumur on 9 March 2009. The new owners successfully completed its composition in summer 2010, first of the collapsed Icelandic banks, with over 99% of ALMC’s creditors approving the composition. Along with the composition ALMC's creditors approved on founding Straumur Investment Bank. In summer 2011, Straumur became the first entity to get a banking license in Iceland post the financial turmoil in fall 2008.
Read more about this topic: Straumur Investment Bank
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