HSBC bank aids Icelandic expansion

The Icelandic bank Landsbanki was reported on Wednesday to have approached the investment bank Numis in a bid to expand its operations to London.

The offer, however, was apparently rejected.

The Times newspaper said that Landsbanki had hired HSBC to oversee its efforts to gain a foothold in the City.

A £380 million bid for Evolution Group had already been turned down according to The Times.

Numis, with a stock value of £108 million, advised the Stock Market that it had rejected an offer from an unnamed buyer mid-Wednesday morning.

Numis is one of the leading firms in the insurance sector run by Lloyds of London, while Landsbanki has expressed a desire, along with other Icelandic banks, to capitalise on recent growth by moving onto the financial scene in London.