Numis, the UK stockbroker led by Oliver Hemsley, has rejected a takeover approach from Landsbanki, the Icelandic bank using HSBC to help it hunt for acquisitions in the UK.

Hemsley, chief executive, told Financial News: "It's not really a question of saying no. Our view is that there is a big opportunity to build a corporate broking business in the small- and mid-cap markets. We do think there is a big opportunity here, and I don't think we would give up our independence lightly."