South African Airways placed into bankruptcy protection to avoid ‘uncontrolled implosion’ December 5, 2019 South Africa’s state-owned airline has been placed into bankruptcy protection, as the nation tries to stop it falling into liquidation. South African Airways (SAA), which has suffered from years of state corruption, has entered the workout process, an alternative to bankruptcy. Read more: South African Airways: State-owned carrier in limbo It is the first time [...]
South African Airways: State-owned carrier in limbo as bailout doubts persist December 4, 2019 Time is running out for South African Airways (SAA), as the embattled carrier hopes for a bailout from South Africa’s government. The state-owned airline paid only half of staff salaries last month, and may have to file for liquidation in the near future if it cannot secure R2bn (£100m). Read more: Virgin Atlantic in fresh [...]
City Moves for 10 October – Who’s switching jobs at Ashburton Investments, Pi Labs and Aviva Investors? October 10, 2019 Today’s City Moves includes Ashburton Investments, Pi Labs and Aviva Investors Ashburton Investments Sizwe Nxedlana has been appointed chief executive officer (CEO) of Ashburton Investments, the asset management arm of Firstrand. Sizwe has been with Firstrand for more than a decade, previously as First National Bank’s (FNB) chief economist and most recently as CEO of [...]
City Moves for 26 September – Who’s switching jobs at Aldermore, TORI Global and FDM Group? September 26, 2019 Today’s City Moves includes Aldermore, TORI Global and FDM Group. Aldermore Claire Cordell has been appointed chief financial officer (CFO) and an executive director of specialist bank Aldermore. Claire joined Aldermore in 2014 having oreviously held senior finance roles at RSA Insurance and Credit Suisse, and currently works as the company’s director of finance. Claire [...]
City Moves for 7 September 2018 – who’s switching jobs at Fenchurch Advisory Partners, Wyelands Bank and CVC Credit Partners? September 7, 2018 Today’s City Moves cover financial services, small-business banking and Fenchurch Fenchurch Advisory Partners has appointed William Nourse as a senior managing director. William has more than 20 years of experience of corporate finance in the financial services sector. He joins from Credit Suisse, where he was a managing director in the financial institutions group. Before [...]
City analysts say there’s more M&A activity on the horizon May 21, 2018 Equity markets nearing all-time record highs, interest rates still low and a weak pound have created a cauldron for mergers and acquisitions (M&A) that analysts anticipate continuing while current market conditions persist. Two FTSE 100 companies have already been acquired this year, a third looks set to go and with two more facing bids, 2018 [...]
Aldermore profits up 20 per cent in final results following First-Rand deal March 19, 2018 Challenger bank Aldermore has revealed a 20 per cent jump in profit before tax in its last independent results following its acquisition by South African bank FirstRand. The bank accepted a £1.1bn bid from FirstRand in November and the deal was closed last week. Read more: Challenger bank Aldermore recommends £1.1bn takeover offer from FirstRand [...]
A new fintech bank led by a former hedge fund boss has just raised £70m through a float on the London Stock Exchange February 13, 2018 Trufin, a niche technology-enabled bank run by a former hedge fund boss, has just floated on the London Stock Exchange this morning to raise £70m. The fintech-focused business has three divisions including DFC, a short-term lender focusing on financing supply chains, Oxygen Finance, which helps provide early payments to the UK public sector, and Satago, [...]
Aldermore appoints experienced banker Pat Butler as chair to lead under new owners Firstrand December 13, 2017 Aldermore has appointed experienced bank director Pat Butler as the chairman to lead the challenger bank’s board under new owner Firstrand. Butler will join as a non-executive director in the new year before becoming chairman when South Africa’s Firstrand completes its acquisition. A former consultant at McKinsey, Butler currently serves on the boards of Bank [...]
Challenger bank Aldermore recommends £1.1bn takeover offer from FirstRand | City A.M. November 6, 2017 After a month that has seen its share price rocket, Aldermore finally announced this morning that it would recommend a takeover offer from South Africa’s FirstRand valuing the business at £1.1bn. FirstRand, which with a £15.8bn market value is South Africa’s largest financial services institution, announced in October that it had made an approach to [...]