From the Inside Flap
This is the story of how one man, one bank and one country experienced world economic history. Armann Thorvaldsson , a former CEO at Iceland’s Kaupthing Bank in the UK, tells the story of how he witnessed the bank grow from a small brokerage house to a £6 billion international bank. As the bank expanded, Thorvaldsson represented the money behind such household names as Iceland, easyJet, and Karen Millen. He travelled from Reykjavik to London, to Monte Carlo, and partied on yachts with celebrities. And then it all came crashing to a halt. As the financial crisis engulfed the world, even the most frantic efforts to save the bank were fruitless. Iceland was slammed with anti–terrorist laws in a major diplomatic incident, and the country’s economy was in tatters. Frozen Assets is a powerful story about big ambitions, big money and hubris.
From the Back Cover
Iceland truly lived the boom and bust. Once a tiny country on the edge of Europe, in less than two decades it became a global financial powerhouse. This is the story of how one man, one bank and one country experienced and affected the course of world economic history. Armann Thorvaldsson , a former CEO at Kaupthing in the UK, tells the story of how his company was transformed into a £6 billion international bank, by far the largest in his country’s history. Helping to build the biggest names in Icelandic business, Thorvaldsson represented the money behind such household names as easyJet, Matalan, Iceland and Karen Millen. As the boom got bigger, the Icelandic bankers worked and played hard with their international clients, including Gordon Ramsay, the Candy brothers, Mike Ashley and Robert Tchenguiz. Moving from Reykjavik to London, Monte Carlo and St Tropez, they seemed unstoppable. Yet, when the bust came, even the most frantic attempts to save the bank were fruitless, leading to the total collapse of the Icelandic economy. Thorvaldsson’s reflections on exactly what happened and why, make compelling reading.
About the Author
Armann Thorvaldsson is the former CEO of Kaupthing, Singer & Friedlander, the UK subsidiary of the Icelandic Kaupthing Bank. He was previously head of Kaupthing’s Investment Banking division, and was instrumental in the international expansion of the bank. He holds an MBA from Boston University. Armann now lives in London with his family.