Straumur-Burdaras, the Icelandic investment bank, has made the most high-profile hire in its short history after appointing the former head of Bank of America outside the US as its new chief executive.

William Fall, former president of Bank of America in Europe, the Middle East and Africa, replaces Fridrik Jóhannsson as chief executive. He will be based in London but will spend two days a week in Iceland.