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Kaupthing to sell British division

The British division of Icelandic bank Kaupthing has been put up for sale.

According to reports, the British book of the collapsed bank is worth £2bn.

Ernst and young has written to potential purchasers in a bid to drum up interest in the assets.

Last month the Serious Fraud Office announced it is to investigate Kaupthing Bank, following suspicions that the bank made misrepresentations in a bid to attract UK investors prior to its collapse.

The SFO is particularly interested in efforts made to attract UK investors to the purportedly ‘high yield’ deposit account, Kaupthing Edge.

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