Klakki
This article needs to be updated.(February 2019) |
Company type | billion (2007)[1] |
---|---|
Number of employees | 430 (2007)[1] |
Website | klakki.is |
Klakki (known as Exista until 2011)
History
According to a report, Luxembourg-registered Compagnie Financiere Scandinave was renamed the Scandinavian Holding a month after incorporation. Later it was renamed Meidur S.A..[3] Meidur changed its name to Exista.[4]
Exista was founded in 2001 by a
By 9 October 2008, Kaupthing Bank HF was forced into government receivership.[7] On 29 July 2009 WikiLeaks exposed a confidential 210-page document listing Kaupthing's exposure to loans ranging from €45 million–1.25 billion. The leaked presentation revealed the bank had loaned billions of euros to its major shareholders, including a total of €1.43 billion to Exista and subsidiaries which own 23% of the bank.[8]
Operations
This section needs to be updated.(February 2019) |
Insurance and financial services
Exista owns the Icelandic non-life insurance company Vátryggingarfélag Íslands (VÍS), which holds around one-third of the domestic market.[9] Exista acquired control of VÍS from Kaupthing Bank in 2006.[10] The firm also owns VÍS's sister company, the life cover provider Lífís. Exista's third consolidated subsidiary is Lýsing, which is a provider of asset financing.
Investments
Prior to the 2008–2011 Icelandic financial crisis, Exista held a number of significant stakes in publicly traded companies. It opted to divest many of these, including 20% of Sampo Group,[11] 8.7% of Storebrand[12] and 39.6% of Bakkavör,[13] in October 2008 in order to boost its capital position. It was also the largest single shareholder (with almost 25%) of Kaupthing Bank before its de facto nationalisation by the Icelandic government.[14]
Currently Exista holds a 29% share of JJB Sports in conjunction with its chief executive Chris Ronnie,[citation needed] and is the sole owner of Skipti, the parent company of Icelandic telecommunications provider Síminn.[15]
References
- ^ a b c d "Annual Report 2007" (PDF). Exista. Archived from the original (PDF) on 2009-02-19. Retrieved 2008-10-31.
- ^ "Klakki nýtt nafn á Exista". Viðskiptablaðið (in Icelandic). 16 September 2011.
- ^ "Россия желает спасать Исландию из-за давних офшорных связей чиновников и бизнесменов". The New Times. 2008-10-21.. Another copy: "Зачем Россия спасает Исландию". Rususa. 2008-10-21. Archived from the original on 2011-07-15.. An automatic translation: "Discussion of the relationship between Iceland and Russia from the Russian newspaper". Archived from the original on 2008-10-23. Retrieved 2010-04-07.
- ^ Ásgeir Jónsson. Why Iceland?. p. 92.
- ^ a b "About Exista: Chronicle". Exista. Retrieved 2008-10-31.
- ^ "Investor Relations: Shareholders". Exista. Retrieved 2008-10-31.
- ^ "Welcome to bankrun.us!". Archived from the original on 2011-10-05. Retrieved 2010-12-11. Bank Run at Kaupthing forces seizure
- ^ Bowers, Simon (2009-08-04). "Confidential Kaupthing corporate loan details leaked on the internet". The Guardian. London. Retrieved 2009-08-08.
- AFX News. 2 August 2007. Retrieved 2008-10-31.[dead link]
- ^ "Kaupthing Bank hf sells 24% stake in VIS eignarhaldsfelag hf". Nordic Business Report. FindArticles. 31 May 2006. Retrieved 2008-10-31.
- ^ Young, Brett (7 October 2008). "Sampo says Exista decided to sell stake in it". Reuters. Retrieved 2008-10-31.
- ^ Acher, John (9 October 2008). "Norway's Gjensidige buys Exista's Storebrand shares". Forbes. Reuters. Retrieved 2008-10-31.[dead link]
- ^ Pollard, Niklas (10 October 2008). "Iceland's Exista says to sell Bakkavor stake". Forbes. Reuters. Retrieved 2008-10-31.[dead link]
- ^ Power, Helen (11 October 2008). "UK companies locked out of Landsbanki accounts". The Times. London. Retrieved 2008-10-31.
- ^ "Business Areas: Investments". Exista. Archived from the original on 2007-05-18. Retrieved 2008-10-31.