Pym to leave Co-op Bank to chair AIB July 14, 2014 The chairman of the Co-op Bank, Richard Pym, has announced he will stand down later this year to take up a similar role at Allied Irish Banks (AIB). Pym had already told the Co-op he was leaving and the lender is seeking his replacement. He will become a non-executive director and chairman-designate at AIB from [...]
City Moves for 15 July 2014 | Who’s switching jobs July 14, 2014 Quindell David Currie has been appointed non-executive director at the software, consultancy and technology-enabled outsourcing provider. He recently established Codex Capital Partners, and is a former head of Investec Bank’s investment banking division. PwC Mark Pugh has been appointed asset management leader in the UK at the professional services firm. He has been an assurance [...]
Endgame approaches as bidders fight for Co-op pharmacy chain June 30, 2014 The sale of Co-op’s chemist business may be nearing its conclusion as several big bidders compete to be chosen as the winner of the long-running disposal. The Co-op group, which is also selling its farms business, is selling its chemist chain, including over 700 pharmacies employing around 6,500 staff. An outcome is likely in a [...]
Pat Burke to head HSBC in the United States June 16, 2014 HSBC’S US arm will be run by Pat Burke from November, the bank said yesterday. The 52-year-old is taking over from Irene Dorner, who has spent 32 years at HSBC. Incoming chief executive Burke has spent the last four years in charge of the US consumer finance division, a position he took in 2010 from Niall [...]
Co-op Bank in ethics drive June 10, 2014 The Co-op Bank will tomorrow launch a consultation on its ethics and behaviour, in a new bid to convince customers it has not lost its values thanks to having new owners. The bank is now majority owned by a group of hedge funds, with the Co-operative Group holding a stake of just over 20 per [...]
TSB set to sell for twice what Co-op offered June 9, 2014 TSB’S flotation could value the bank at as much as £1.44bn when the price range is announced – which could come as soon as today. The initial public offering (IPO) valuation is almost twice the £750m maximum offered by the Co-op Bank, which had previously tried to buy the 631 branches being sold by Lloyds [...]
Activist ups its stakes in bid to sue Lloyds Bank June 5, 2014 ACTIVIST investor Crystal Amber will reportedly up its stake in NBNK Investments, the vehicle which lost out during the auction of Lloyds Bank’s 630 branches in 2012, in a move to pursue legal action against the bank. NBNK has lined up law firm Stewarts Law to take legal action against Lloyds, which chose the Co-operative [...]
Co-Op plugs a £400m hole May 28, 2014 THE CO-OP Bank has filled its £400m capital hole, the lender said last night, as existing investors stumped up the majority of the funds needed. It issued 200m new shares to fill the gap created by problems such as bad loans from the crisis era. Hedge funds and the Co-op Group, who already owned the [...]
Nationwide and Co-op Bank get top marks from small businesses May 28, 2014 MUTUAL lenders offer the best current accounts for small firms, according to a poll published today by the Federation of Small Businesses and the British Chambers of Commerce. Challenger banks also performed well, while the biggest high street banks came further down the league table. The results form part of a new website which aims to help [...]
Full steam ahead at Nationwide as chief issues warning on housing market May 28, 2014 Nationwide has reported its best ever annual results, but has warned that the housing market may well start seeing a “natural correction”. “At some point buyers just start saying no”, said the mutual's chief executive, Graham Beale, to the BBC’s business editor Kamal Ahmed. The prognosis came as Nationwide reported that it opened 430,000 new [...]