Lloyds seeks buyers for its €1bn Irish Halifax deposits February 17, 2010 LLOYDS Banking Group has put its Halifax retail banking assets in the Republic of Ireland up for sale as it gives up its attempt to break into the tough local market. Earlier this week the bank said it would close 44 branches and lay off 750 staff by July. Its Irish intermediary business, which sells [...]
Virgin lights £500m fire under RBS bid April 5, 2010 VIRGIN Money has made an aggressive push for dominance ahead of today’s deadline for expressions of interest in Royal Bank of Scotland’s branch network, securing up to £500m of extra financial firepower from new billionaire stakeholder Wilbur Ross. Virgin Money, which will today table its initial bid for the 300-plus RBS branch network, is one [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 14, 2010 FINANCIAL TIMES BP TO PRESS ON WITH CANADA OIL SANDS PLAN BP will press ahead with its plan to invest in Canada’s controversial oil sands, the company will signal at Thursday’s annual general meeting, in spite of protests from environmentalists and concerns among some shareholders. More than 140 investors have backed a resolution calling for [...]
Class action hopes quashed by ruling October 5, 2010 FAEGRE & BENSON Since the financial crisis of 2008, shareholders in several companies including RBS, Northern Rock, Lloyds, BP and Porsche have pursued the possibility of suing for fraud in the American courts, where class actions are far easier. But a recent Supreme Court decision could scupper these plans. The verdict in Morrison v National [...]
Lloyds close to sell-off of HBOS assets March 7, 2010 LLOYDS Banking Group is inching closer to a decision on the disposal of its HBOS Integrated Finance investment vehicle, over a year after the division was first put up for sale as part of a drive to manage down the bank’s balance sheet in the wake of the crisis. Lloyds is in discussions with a [...]
CITY A.M. | SHADOW MPC September 8, 2010 ALLISTER HEATH | CITY A.M. “Rates should be raised by 25 basis points as a symbolic hike to show that the MPC is serious about targeting inflation. The economy is growing, albeit slowly, with yesterday’s factory stats further evidence that we won’t suffer a double-dip recession.” SIMON WARD | HENDERSON “Raise by 25 basis points. [...]
Rathbone warns of uncertain year ahead February 24, 2010 RATHBONE Brothers has warned that the year ahead would be unpredictable with an election ahead and low interest rates. The wealth manager said pre-tax profit from continuing operations last year fell 30 per cent to £29.5m from £42.3m. It said its bottom line was badly hit by a drop in net interest income, as low [...]
HSBC’s chief gives up £4m February 28, 2010 HSBC boss Michael Geoghegan will announce plans today to hand over his multi-million pound bonus to charity as the banking giant reveals annual results. Geoghegan, who was is understood to have been in line to receive a £4m payout, will donate his bonus to charity after the bank’s strong 2009 performance. HSBC’s annual profits are [...]
Aegis raises £190m war chest for buys March 18, 2010 AEGIS announced yesterday it has appointed a new chief executive, filling a 16-month void at the head of the company. The marketing and advertising group also unveiled a £190m convertible bond issue, due in 2015, which it says will be used for US acquisitions and to shore up its balance sheet. Jerry Buhlmann, an internal [...]
Virgin Money wins acceptances for Church House Trust purchase February 9, 2010 VIRGIN Money yesterday said it had received acceptances from shareholders representing all of the voting rights for small bank Church House Trust, which it is buying to gain a full UK banking licence. The company, headed by Jayne Anne Gadhia, has already confirmed its interest in buying assets from Northern Rock, Lloyds Banking Group and [...]