Carnegie Investment Bank

Background

Carnegie was established as a trading company in 1803 when David Carnegie, Sr., a Scotsman, founded D. Carnegie & Co AB in Gothenburg. The management of the company was later succeeded by Carnegie's nephew, David Carnegie Jr., who later returned to Scotland, leaving the company, which by then had considerable interests in brewing and sugar production, in the hands of Oscar Ekman. When David Carnegie, Sr. died in 1890, Ekman inherited a substantial amount of shares and obtained majority ownership of the company. In 1907 the company was once again taken over, this time by Ekman's son-in-law Karl Langenskiöld, whereupon the formerly brewing and sugar businesses were divested. In the wake of the Kreuger crash, Langenskiöld founded a brokerage business in his name, Bankirfirman Langenskiöld, which is the foundation that the Carnegie of today rests upon.

In 1980 the company retrieved its name Carnegie. By this time financier Erik Penser held the controlling interest of the company. In 1988 Carnegie was taken over by what later became Nordea and remained in their hands until 1994, when a newly formed company, Carnegie Holding, bought the bank. The new holding company was to 55% owned by British merchant bank Singer & Friedlander and to 45% owned by Carnegie's employees. In 2001, Carnegie Holding company was merged with D. Carnegie & Co, making the latter the parent company in the Carnegie Group. The company was listed on the Stockholm Stock Exchange, but was delisted in connection with the nationalization. Since 2004, business is operated through Carnegie Investment Bank.