Agius warns EU rules could hurt recovery January 26, 2011 MARCUS Agius, the chairman of the British Bankers’ Association and Barclays, has warned the government that regulators could hinder the recovery by adopting new banking rules more quickly than other countries. In a letter to chancellor George Osborne, Agius argued the UK risks tipping the playing field of global commerce in favour of rival financial centres. He [...]
Sands warns of over regulation January 26, 2011 STANDARD Chartered chief executive Peter Sands yesterday warned global economic growth was under threat of being “stifled” by over-regulation of the finance sector. Slamming a series of “wildly complicated” and “irrelevant” rules being instituted worldwide, he said over regulation was in direct contradiction to governments’ fiscal and monetary policies that are trying to stimulate growth. [...]
StanChart to pay $1bn for GE loans unit January 24, 2011 STANDARD Chartered, the emerging markets-focused bank, yesterday announced it was buying General Electric’s (GE) Singaporean car financing arm. The bank did not reveal the terms of the transaction, although sources close to the deal said it was paying just under S$1bn (£490m) for GE Money, which has S$2.35bn of assets. The deal is expected to close [...]
Deal is more significant than it seems January 24, 2011 ON the face of it, Standard Chartered’s acquisition of General Electric’s (GE) car financing arm is pretty unremarkable. It will pick up $1.8bn of loans through the deal (worth around $780m), representing just 2.4 per cent of its total Singaporean assets. However, the importance of Singapore to Standard Chartered’s ambitions should not be underestimated. It [...]
StanChart to buy GE Money January 24, 2011 Standard Chartered bank has confirmed plans to buy the Singapore-based firm GE Money. Standard Chartered has not revealed the offer price for the car and personal loans provider, but said GE Money had assets worth $1.8bn (£1.13bn). General Electric has been trimming back its finance arm GE Capital since the financial crisis hit. the company [...]
Stanchart leans towards Shanghai as its adds Asia staff January 21, 2011 Emerging markets bank Standard Chartered has said it will continue hiring aggressively in Asia as it believes growth in the region will outpace that of the rest of the world. Chief executive Peter Sands said that Stanchart’s hiring spree would include recruiting another 2,000 people in Singapore by the end of next year to take [...]
What the other papers say this morning January 16, 2011 FINANCIAL TIMES RBS DIRECTOR TO STEP DOWN FROM BOARD One of the last Royal Bank of Scotland directors to remain on the bank’s board from the days of Sir Fred goodwin is poised to step down from his role. Colin Buchan, 56, a former UBS investment banker who until recently was chairman of RBS’s remuneration [...]
What the other papers say this morning January 16, 2011 FINANCIAL TIMES RBS DIRECTOR TO STEP DOWN FROM BOARD One of the last Royal Bank of Scotland directors to remain on the bank’s board from the days of Sir Fred goodwin is poised to step down from his role. Colin Buchan, 56, a former UBS investment banker who until recently was chairman of RBS’s remuneration [...]
Good news boosts FTSE to 2008 levels January 12, 2011 BANKS and miners dominated the FTSE today, leading the index to another 31-month high as good news from Portugal’s bond sale boosted financial stocks, and miners tracked metals prices higher. Four FTSE 250 companies also posted double-digit gains as news that Gartmore agreed a £335.3m takeover deal by rival Henderson sent their shares higher. The [...]
Good news boosts FTSE to 2008 levels January 12, 2011 BANKS and miners dominated the FTSE today, leading the index to another 31-month high as good news from Portugal’s bond sale boosted financial stocks, and miners tracked metals prices higher. Four FTSE 250 companies also posted double-digit gains as news that Gartmore agreed a £335.3m takeover deal by rival Henderson sent their shares higher. The [...]