Exclusive: Virgin Money IPO gets thumbs-up from investors as “big four” banks are slated by CMA November 6, 2014 Bankers working on the flotation of Virgin Money are likely to exercise their "greenshoe" option when it launches its initial public offering (IPO) later this month, City A.M. understands. A source close to the deal said such has been the enthusiasm from investors for shares in the bank, it will sell an extra tranche of [...]
Co-op Bank appoints Dennis Holt as chairman October 27, 2014 The Co-operative Bank has confirmed Dennis Holt as chairman of the board, a month after he stepped in on an interim basis. Holt joined the troubled bank as a senior independent director in February of this year, and was promoted when Richard Pym stood down to join Allied Irish Banks at the start of [...]
More than 1.2m make seven-day bank account switch as Santander leads the market October 15, 2014 Competition in the banking market has started to gather steam, with increasing numbers of customers changing their main bank account, according to industry data published yesterday. A total of 1.2m people used the seven-day switching scheme to change their current account in the programme’s first 12 months, the Payments Council said. Switching has increased by [...]
Big banks hurt by competition investigation November 6, 2014 INVESTORS fled the big banks’ shares yesterday as a major new investigation threatened to break them up or impose significant new costs. But small lenders cheered the probe as a chance to end the dominance of the giant high street banks. The Competition and Markets Authority (CMA) is investigating the personal current account and the [...]
UK banks in the clear after European stress tests? October 22, 2014 The European Banking Authority (EBA) is due to publish the results of its stress test on European banks on Sunday, but ahead of the official announcement a Spanish news agency has reported that 11 of the 123 banks tested have failed. Although the report, by Spanish wire EFE, did not name any of the banks [...]
Which banks failed the European stress tests? Italy came out worst, followed by Greece and Cyprus October 27, 2014 25 banks failed the EU-wide stress tests carried out by the European Central Bank (ECB), according to results released this morning. The aim of the tests was to assess the resilience of EU banks to adverse economic developments and determine whether they could withstand another financial crisis. Based on banks' financial health at [...]
TheTrainline.com IPO: Chief executive Clare Gilmartin is ready to test the markets January 8, 2015 Stock market flotations are very much at the glamorous end of business in the City. Relatively young firms are suddenly exposed to public markets, and gain huge recognition – not to mention financial rewards – for their hard work building the business. It is certainly an adventure for bosses and owners. Visits to investment banks [...]
Aldermore IPO to value challenger bank at around £800m October 3, 2014 Aldermore has set a price range for its initial public offering that will value the challenger bank at around £800m. The price for the IPO will be set at between 217p and 265p per ordinary share. Trading is expected to begin as soon as 17 October. The five-year-old bank announced half-year profits of [...]
A year of IPOs may make Virgin Money a tricky sell – Bottom Line October 2, 2014 What a boom year! What a great time for flotations! What a great stroke of luck Virgin Money has had, planning this listing of shares on the stock market. Well, maybe not. In fact, Virgin Money might have to begin with a relatively conservative valuation. Investors are burned out. Sure, there was massive pent-up supply [...]
Virgin Money confirms IPO plans and looks to raise £150m October 2, 2014 Virgin Money Holdings has confirmed its intention to float on the London Stock Exchange, as yet another “challenger” bank looks to go public. The retail bank expects to raise £150m from its initial public offering (IPO), and will use £50m of the proceeds to complete a payment owing to the UK government. Each [...]