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Chairman of Heritable owner buys West Ham

The chairman of Heritable Bank’s owner Landsbanki was the main backer behind last week’s £85m sale of premiership team West Ham.

Bjorgolfur Gudmundsson is the billionaire chairman of Icelandic bank Landsbanki and along with Eggert Magnusson, president of the Icelandic Football Association, is the main controller of WH Holding which has stumped up the cash for the bid.

Landsbanki posted pre-tax profits of £371m for the first nine months of 2006 and total group assets of £22bn. In 2000 it bought Heritable Bank, producing pre-tax profits of £9m in its last results with 10-fold growth over the last four years.

Mark Sismey-Durrant, chief executive of Heritable Bank, says: “Icelanders are passionate about football and Landsbanki as a group certainly is.

“When Eider Gudjohnsen was at Chelsea, Landsbanki had a box at the club grounds to follow his progress. I suspect allegiances might switch now.”


Pessimistic Miles likened to Vitalstatistix in Asterix

Housing guru Professor David Miles was likened to the gravity-fearing chief in the Asterix comic books after his doomsday predictions about the housing market last week.The chief UK economist for Morgan Stanley has released a report forecasting a crash in house prices, sparking a fierce conflict between industry gurus. The economist says a sharp fall […]

72% Of brokers say there should be no age limit

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JCS integrates with Assureweb

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M-Next brokers to get edeus products

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