Lloyds Bank profit slides as interest rate boom slows July 25, 2024 Lloyds Banking Group recorded a slide in profit in the first half of the year after a surge in costs and a slowdown in the amount of cash it was making on the back of interest rates. The group – which owns Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows – reported a pretax [...]
Natwest share price slump casts doubt on privatisation plans November 5, 2023 Shares currently sit at £1.87, down from around £5 when the government acquired an 84 per cent stake in the bank during the financial crisis.
Monzo celebrates fourth year on top of bank satisfaction rankings August 15, 2024 Monzo has once again taken first place in an official league table measuring whether customers would recommend their bank to friends and family, with the firm marking four years in the top spot. The digital-only bank, founded in 2015, has topped the Competition and Markets Authority’s (CMA) biannual current account satisfaction ranking since August 2020, [...]
UK government no longer a controlling shareholder in Natwest after taking stake below 30 per cent March 25, 2024 Taxpayers paid £45.5bn for the bailout but have lost out as Natwest’s share price has halved since then.
London court gives green light to £2.7bn foreign exchange claim against six major banks July 25, 2023 The Court of Appeal ruled today that a £2.7bn class action claim relating to foreign exchange manipulation can proceed on an opt-out basis. The claim, brought by FX Claim UK, represents tens of thousands of participants in the foreign exchange market who suffered damages from the anticompetitive behaviour of six of the largest banks in [...]
Sainsbury’s to pay Natwest £125m to take bank division off its hands June 20, 2024 Natwest has agreed to acquire Sainsbury's core retail banking arm - with the supermarket giant paying the lender £125m to take it off its hands.
Hunt for next Natwest chair begins as Howard Davies says he will step down by July 2024 April 25, 2023 The hunt for Natwest’s next chair is underway after Howard Davies told shareholders today he will be stepping down. Speaking at the bank’s AGM in Edinburgh, Davies said he expects a replacement to be found and handover completed by July next year. Noting that nine years was the maximum recommended tenure under the UK corporate [...]
Time is up for supermarket challenger banks, analysts say January 18, 2024 Sainsbury's announced on Thursday morning that it would undertake a “phased withdrawal” from its banking business following a strategic review. There are no immediate changes for customers.
‘Milestone in returning NatWest to full private ownership’ as government sells £1.26bn worth of shares May 22, 2023 The government has sold £1.26bn worth of its shares in NatWest as it continues to sell-off its stake in the bank it bailed out after the 2008 financial crisis. The shares, sold at 268.4p each, represent 4.95 per cent of NatWest’s share capital and takes it stake below 40 per cent. The Economic Secretary to [...]
UK pushes back Natwest share sale plan after banking volatility April 3, 2023 The Treasury has pushed back its deadline to sell a chunk of its remaining shares in Natwest by another two years after the lender’s share price slumped last month amid the recent turmoil in the banking sector. The government will now have until 11 August 2025 to gradually sell up to 15 per cent of [...]