Kaupthing Singer & Friedlander (KSF), the UK arm of the Icelandic bank that collapsed in 2008, has been placed on the market by its administrators Ernest & Young.
The remaining operations of the UK bank consist of three loan books worth £2bn. A total of £1.2bn was lent to individuals including entrepreneur Robert Tchenguiz, retailer Kevin Stanford, property investor Simon Halabi, and property developers Nick and Christian Candy.
It is thought about £300m funded the purchase of aircraft and yachts, and almost a third of the loans was spent on British property.
The property book valued at £1bn, which includes a £160m loan secured on the Shard, is considered the most attractive to potential buyers. It was originally put on the market one month after KSF entered administration in November 2008, but the sale was withdrawn.
Administrator Gavin Jordan of Ernest & Young said of the sale (which he is managing): "We believe that market conditions may have changed sufficiently since we last tested the appetite that an acquisition of KSF may now be to the benefit of creditors." Ernest & Young has written to potential buyers to drum up interest in the loan books.
