London Report: FTSE near to a record high on global pick-up June 9, 2014 BRITAIN’S top share index extended its gains and closed near a record high yesterday, led by mining companies, amid signs a global economic recovery was picking up speed. The UK mining index rose 0.4 per cent, making it the biggest sectoral gainer in the FTSE 100 index. The gains came after China, the world’s biggest [...]
TSB opens doors as bank prepares Lloyds spin off September 8, 2013 THE NEW TSB Bank will open its doors to customers this morning, as the spin-off from Lloyds Banking Group unveils its rebranded high-street sites. When it is fully sold off from Lloyds, the 632 branches will represent a new competitor on the high street and has pledged to focus on local, traditional retail banking. Its [...]
Lloyds ordered to give another £240m to help build new TSB September 11, 2013 NEW HIGH street lender TSB was given another boost last night as the Office for Fair Trading (OFT) said its parent Lloyds should give it more financial help to establish a foothold in the market. The decision is believed to remove the final hurdle before the government can go ahead with selling Lloyds Bank, as [...]
Lloyds reports 22pc jump in first quarter profits May 1, 2014 Lloyds Banking Group has shown this morning that its profitability continues to improve. In the first quarter, underlying profits rose 22 per cent to £1.8bn, from £1.5bn last year. Chief executive Antonio Horta-Osorio says a stronger, lower-risk balance sheet is helping the bank to power forward, calling Lloyds "well positioned to support and benefit from [...]
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, [...]
TSB launch could perform poorly unless Lloyds can convince customers of bank’s reputation September 9, 2013 Newly launched TSB branches could fail to impress unless marketing can convince customers of their trustworthiness, analysts warn. 632 branches have been launched, with 100,000 of its 4.6m customers logging on yesterday. TSB's website is already struggling, with technical issues emerging both yesterday and today. Unlikely to do the new project's brand image any favours. [...]
TSB leaves misselling problems with Lloyds July 21, 2013 LLOYDS Banking Group will still be responsible for any PPI misselling claims from customers who are spun off into the new TSB Bank, the lender confirmed yesterday. That means the taxpayer is still on the hook for any claims from the 5m customers who are moving with the divested entity. The unit is being sold [...]
Accelerating competition: How to level the playing field for challenger banks June 24, 2014 THERE is something that politicians and bankers both agree upon – we believe that greater competition improves the service and the products that customers get. We’ve heard ideas about increasing competition in banking from across the political spectrum. Today, the BBA is adding to that debate with some new ideas on promoting competition by levelling [...]
Lloyds latest to suffer hitch as ATMs go down January 27, 2014 THOUSANDS of Lloyds customers were frozen out of key banking services yesterday afternoon and evening as the bank’s IT systems went down. The crash hit all of the group’s main brands including Lloyds, TSB, Halifax and Bank of Scotland. Around half of the group’s 7,000 cash machines went down, and some customers were affected until [...]
Banks may win reprieve from market probe March 31, 2014 THE BANKING industry is changing so dramatically that the new competition regulator may choose not launch an investigation into the market, City A.M. understands. The move comes despite calls from Labour’s Ed Miliband to shake up the sector. The opposition leader wants to create two new banks – possibly carving them out of Lloyds and [...]