Former President International of Bank of America appointed as CEO of Straumur-Burdaras

William Fall, former President International of Bank of America, is joining Straumur-Burdaras Investment Bank (the “Bank”) as CEO. Fridrik Jóhannsson, who has been the Bank’s CEO since June 2006, will work closely with William over the coming months to ensure a smooth handover.

William Fall has been President International of Bank of America since 2001 where he had overall responsibility for all the Bank’s activities outside the US; he structured and built the bank’s operations, which covered retail, corporate, investment and transactional banking, in 18 countries. These operations generated strong streams of revenues and ROE of more than 20 per cent. for the bank, which is the second largest in the world.

William joined Bank of America in 1995 and was responsible for several operating units before his appointment as President International. Previously, he worked for Westpac Banking Corporation and Kleinwort Benson. He holds a MA in Natural Sciences from Cambridge University.

Thor Björgólfsson, Chairman of Straumur-Burdaras, commented:

“I am delighted that William has agreed to join the Straumur-Burdaras team. He joins the Bank with extensive experience from Bank of America in driving growth in one of the world’s largest international banks. His appointment is an important milestone in Straumur-Burdaras’s continuing transformation into an internationally competitive investment bank with a strong platform in the Nordic region. I am convinced that William is the right man to lead the bank to its next stage of growth.

The Board would also like to thank Fridrik for his important contribution to the Bank’s growth and strong performance to date, having developed a robust platform for the Bank's international operations and leading it towards its goal of becoming an international investment bank. The progress of Straumur-Burdaras has been fast during the last year and nearly all of the Bank’s goals for the next three years, explicitly set forth in the last Annual Report, will be reached in 2007. We are delighted that Fridrik has agreed to help ensure a smooth handover.“

William Fall, commented:

“I am very pleased to join such a dynamic investment bank as Straumur-Burdaras. Huge opportunities exist for the company: few investment banks in the Nordic region have such a strong balance sheet on which to build future growth. I will continue to drive and develop the Bank’s strategy and am looking forward to being a part of the future story of Straumur-Burdaras.”