Iceland’s Kaupthing eyes SkandiaBanken

Iceland's Kaupthing Bank said on Saturday it would like to acquire internet bank SkandiaBanken, a subsidary of the Skandia group, which serves 850,000 private customers in Sweden.

“If SkandiaBanken is for sale we will definitely have a closer look at it,” Kaupthing chief executive Hreidar Mar Sigurdsson told Swedish daily Svenska Dagbladet.

He said money was no obstacle for Kaupthing, which is among the Nordic region’s 10 largest banking groups with 1,600 employees in 10 countries.

“That would not be a problem,” he said.

Kaupthing has said before that it hoped for greater growth in Sweden’s retail banking market, but this was to have been achieved by its own means, not acquisitions.

Kaupthing already owns a small stake in insurance and banking group Skandia, the parent company of Skandiabanken.

SkandiaBanken was founded in 1994 with a focus on telephone banking, later switching to internet banking. It employs 500 people in Sweden, Norway and Denmark.