Regulators say they want competition but actions speak louder than words March 22, 2012 WHAT does the FSA want? Like all of us, the regulator wants to have it all: a high street banking sector that is both competitive and ultra-safe. But when push comes to shove, it is clear where the watchdog’s priorities lie. Its commitment to competition has been sorely tested by Lloyds’ branch sale. First there was [...]
Two women join the Co-op board September 8, 2011 THE Co-operative Banking Group has appointed two women to its board, months after the recommendations of the Davies report. One of them is Merlyn Vivienne Lowther, formerly chief cashier at the Bank of England. The other is Anne Gunther, chief executive of the Norwich & Peterborough Building Society. Lord Davies said in February that companies [...]
NBNK’s options narrow as NAB stays put in UK April 29, 2012 NBNK Investments is under renewed pressure to close a deal with Lloyds for 600 branches after National Australia Bank said last night that it will not be putting its UK retail business up for sale. NBNK is understood to be in talks with several Middle Eastern sovereign wealth funds to finance its bid for the [...]
Co-op hit by dire trading environment August 25, 2011 THE chief executive of the Co-operative Group yesterday warned current trading conditions are the worst for 40 years as the company’s half year profits took a hit. The group reported a 12 per cent drop in underlying profits to £230.8m for the six months to 2 July. Food sales were down to £3.7bn from £3.9bn [...]
Lloyds warns of ‘long and difficult’ path to recovery May 1, 2012 Lloyds said it would set aside another £375m to cover compensation for people mis-sold insurance, while it faced a “long and difficult” path to recovery. Lloyds, 40-per cent owned by the government after a bailout during the financial crisis, said the increased provision reflected a rise in the volume of complaints received in February and [...]
Britannia customers offered current accounts, Co-op says September 4, 2011 THE Co-op’s Britannia branches are to be transformed so that customers can open current accounts. The 245 branches will also allow account holders to pay bills and carry out balance inquiries as part of their integration into the Co-op stable after a merger in 2009. Previously the Britannia only dealt with savings accounts and mortgage [...]
Paddick and Livingstone unveil manifestos to take on Johnson April 10, 2012 BORIS JOHNSON ■ Fight for London to keep a “fair share” of its tax. ■ Bid to take over suburban rail services in the style of London Overground. ■ Refuse to buy Tube trains that require a driver and push for automated trains. ■ Free travel for every person over 60. ■ Three more police [...]
Paddick and Livingstone unveil manifestos to take on Johnson April 10, 2012 BORIS JOHNSON ■ Fight for London to keep a “fair share” of its tax. ■ Bid to take over suburban rail services in the style of London Overground. ■ Refuse to buy Tube trains that require a driver and push for automated trains. ■ Free travel for every person over 60. ■ Three more police [...]
Thomas Cook gets Co-op OK August 16, 2011 THE Competition Commission (CC) has cleared a merger between struggling Thomas Cook’s UK retail business and those of the Co-operative group and Midlands Co-operative Society, to create Britain’s biggest retail travel operation. The deal will bring together three of the biggest travel agents on the British high street. Thomas Cook currently has 780 stores, while [...]
Stocks held up by data from across the pond plus resilient corporates April 16, 2012 BRITAIN’S leading share index ended higher yesterday after positive US retail sales data and narrow gains for defensive shares more than offset another slide in banking shares on concerns about Spain. Pharmaceuticals and utilities – sectors that are less exposed to swings in the economic cycle – drove the index higher, with GlaxoSmithKline providing the [...]