Co-op bank hires new ethics director May 27, 2014 TOP LAWYER Laura Carstensen was yesterday appointed to improve behaviour at the Co-op Bank. She is now a non-executive director and will chair the values and ethics committee, designed to make sure the bank sticks to co-operative principles. Carstensen was formerly a partner at Slaughter and May as well as deputy chairman of the Competition Commission.
How the Co-op’s botched deal has cut TSB out of half of the mortgage market May 27, 2014 New high street bank TSB can only access half of the mortgage market because it does not have the systems in place to sell through mortgage brokers, chief executive Paul Pester said today – and it is thanks to the Co-op’s botched attempt to buy the lender. As 40 to 50 per cent of [...]
Lloyds confirms float of TSB May 27, 2014 Lloyds Banking Group has confirmed plans to sell 25 per cent of lender TSB sometime next month, with the prospectus set to be published in mid-June. The offer will be available to institutional investors and to intermediaries. Retail investors will receive one free share for every 20 they buy, up to the value of £2,000, [...]
Ben Reid checks out of Co-op Group after vote for reforms May 19, 2014 VETERAN Co-op Group board member Ben Reid announced his resignation yesterday, leaving the firm after a turbulent year and 14 years on the board in total. The Co-op offered no comment on the move other than that Reid was stepping down, but people familiar with the situation suggested that Reid’s departure had long been on [...]
EU green lights TSB’s flotation May 13, 2014 THE EUROPEAN Commission has given the final go-ahead to Lloyds Banking Group’s plans to float TSB bank next month. The EU authority confirmed that the bank’s restructuring plan was within the bloc’s rules yesterday, meaning that an initial public offering of shares in the separated TSB bank by the end of next month. The Commission also offered [...]
What the other papers say this morning – 13 May 2014 May 12, 2014 FINANCIAL TIMES Allergan: Valeant bid would hit R&D Allergan has launched a robust defence against a near-$50bn bid by rival drugmaker Valeant and activist investor Bill Ackman, warning that a takeover would crush research and severely impair its ability to sell its products, including Botox. Allergan also said it had doubts about the viability of [...]
Co-op Group clings onto vital stake in its bank May 11, 2014 HEDGE funds backing the Co-operative Bank have helped plug the latest £400m capital hole at the troubled lender, increasing their own stake in the bank. The Co-op Group’s stake in the bank has been cut from 30 per cent to 20.2 per cent. As a result, the group does not have to pay even more [...]
What you need to know before the open May 9, 2014 A slightly lower open for European stocks is expected today. Yesterday, they rallied on the suggestion by the European Central Bank that monetary policy could be eased as early as next month. But over in the US, the Nasdaq’s inability to gain a foothold saw a losing streak, led by the energy and utility sectors. [...]
Co-op Bank to raise £400m as it confirms chair’s resignation May 9, 2014 It’s more upheaval for the beleaguered Co-op Bank. The lender’s announced this morning that it’s looking to raise more than £400m by the end of 2014, in a bid to bolster its finances. It's also confirmed that its chairman, Richard Pym, will step down by the end of the year, after holding the position since [...]
Myners: Co-op insiders must accept change May 7, 2014 THE CO-OP Group’s directors need to be swept out and replaced with experienced business people if the group is to begin to turn itself around, Lord Myners said in a strongly worded report published yesterday. But the peer fears that only Co-op insiders will get a vote on shaking up governance at this month’s annual [...]