OneSavings Bank set to float as demand comes in at lower price June 4, 2014 ONESAVINGS Bank, the group created in 2010 when the Kent Reliance Building Society was rescued by a £50m cash injection from private equity group JC Flowers, is set to press ahead with its flotation after getting sufficient demand from investors at the lower end of its price range. Shares will be priced at 170p, right at [...]
Tobacco customers are more Primark than Prada May 28, 2014 Companies flogging anything from ice cream to eye shadow tend to invest more in marketing their premium consumer brands, as they make higher returns. But when it comes to tobacco, customers are more attracted by value than brand, according to RBC Capital Markets research. At FTSE 100-listed tobacco giants British American Tobacco and Imperial [...]
TSB promises rapid growth to new investors May 27, 2014 NEW HIGH street bank TSB yesterday set out plans to grow by 50 per cent over the coming years, hoping to attract investors with an ambitious expansion plan. Lloyds is selling the 631-branch bank and published its intention to float the lender on the stock market yesterday. The sale comes at a tricky moment as [...]
City Moves for 21 May 2014 | Who’s switching jobs May 20, 2014 Brooks Macdonald Employee Benefits The corporate benefits advisory business has appointed Camille French as a client relationship manager. She has over 20 years’ experience in the financial services industry, and joins from JLT Employee Benefits. Duncan Lawrie Private Bank The private bank has announced the appointment of Byron Coombs as chief executive. He has had a [...]
Analyst Views: Having taken stock of the LSE’s results, what is your outlook? May 15, 2014 JAMES HAMILTON | NUMIS Markets remain receptive to IPOs and the regulatory environment continues to favour clearing. Most of the negative impact from lower treasury revenues has now impacted the P&L and the cost synergies are flowing… We believe the LSE is well positioned for this year and beyond. Add. PHILIP MIDDLETON | BANK OF [...]
London Report: FTSE pauses for breath as stocks fall from highs May 15, 2014 THE UK’S top shares dropped yesterday, led down by airlines, as investors bet on a period of consolidation for the FTSE 100 after it reached a 14-year high earlier in the day. Profit-taking continued for shares of British Airways owner IAG, and EasyJet. Both airlines have jumped around 40 per cent in the last 12 [...]
Confusion reigns as forward guidance fails to set out clear interest rate path May 15, 2014 Mark Carney wants to give as much info as he can on when interest rates will go up – after more than five years at 0.5 per cent, this is a great big challenge for the Bank of England. He doesn't want to panic anyone. That is one reason why Carney introduced forward guidance, [...]
Polymetal gives reserve estimate May 12, 2014 FTSE 250-listed miner Polymetal International yesterday published an initial reserve estimate of 7.3m tonnes, with 700,000 ounces of gold contained, at its Svetloye project in Russia. The project is expected to be reviewed by the company’s board of directors in the third quarter. If the decision is positive, construction will commence in 2015 with first [...]
New York Report: Firms proving homegrown revenues rule May 11, 2014 US STOCK investors are finding the value of staying close to home. Even as the US economy barely grew in early 2014, companies with a domestic orientation have on balance delivered better first-quarter sales and profit growth than their globally oriented peers. RBC Capital Markets found that sales growth among companies with a high percentage [...]
Kent Reliance is back in £600m OneSavings IPO May 7, 2014 ONESAVINGS Bank is floating on the main London market, the private equity-backed lender said yesterday, with an expected value of £500m to £600m. Investor JC Flowers took a major stake in the Kent Reliance Building Society in a recapitalisation deal in 2010, restructuring and renaming the firm. It hopes OneSavings’ range of specialist lending brands, [...]