LLOYDS PUSHES ON WITH PLAN TO RAISE 21BN October 29, 2009 LLOYDS Banking Group will retain a 25 per cent share of domestic current account customers under restructuring plans agreed with the European authorities to avoid the government’s asset protection scheme (APS). The European Commission and the Treasury last night gave the bank the go-ahead to market a £20.5bn capital raising programme, consisting of a £13bn [...]
TIMELINE: HOW BRITAIN’S BANKING SECTOR WENT SOUR November 3, 2009 21 February, 2008Britain passes legislation allowing the government to nationalise Northern Rock after rejecting two private bids. Northern Rock is nationalised months after the Bank of England stepped in to provide support. 21 AprilThe BoE unveils the Special Liquidity Scheme to swap banks' risky mortgage assets for at least £50bn of government debt. 18 SeptemberLloyds [...]
City Moves for 28 October 2009 | Who’s switching jobs October 27, 2009 GAMThe investment management firm has appointed Niall Gallagher as an investment director, effective from 2 November. Gallagher, who will be responsible for managing GAM’s European long-only equity strategies, previously managed pan-European and continental European equities at T. Rowe Price. He also formerly worked at BlackRock for nine years, having begun his career as an economist [...]
Uncertainty will see QEand rates held October 7, 2009 QUANTITATIVE EASING (QE) and interest rates should both be kept on hold this month, according to a majority of City A.M.’s shadow monetary policy committee (MPC) ahead of the Bank of England’s decision due at midday today. While seven members voted for no change, Henderson New Star’s Simon Ward, who advocates suspending QE, argues that [...]
Meet steely Neelie Kroes, the queen of UK banks November 4, 2009 Brussels competition chief Neelie Kroes yesterday unveiled the most radical shake-up of UK retail banking in living memory, ordering Royal Bank of Scotland and Lloyds Banking Group to sell off assets and authorising an extra £40bn injection of taxpayer money into the banks. The extra capital from the Treasury only served to stoke the anger [...]
Widows sales are a drag on Lloyds results November 3, 2009 SCOTTISH Widows, the insurance and pensions arm of Lloyds Banking Group, yesterday said sales slumped over the first three quarters of 2009 as customers shunned its products. In an interim statement timed to coincide with official confirmation of its exit from the government’s asset protection scheme and the launch of a £21bn capital raising programme, [...]
Shareholders back cash call at Ladbrokes October 26, 2009 BOOKMAKER Ladbrokes yesterday announced its shareholders have agreed to buy more than 95 per cent of the shares offered in its underwritten £275m cash call. Ladbrokes, which runs 2,700 betting shops, unveiled a surprise rights issue earlier this month to pay down debt after revealing revenue had dived by 15 per cent in its third [...]
Firms’ confidence about the future rises to 13-month high August 20, 2009 BRITISH businesses are more confident about their trading than they have been for 13 months, according to a monthly survey published today. The Lloyds TSB Corporate Markets Business Barometer shows that a balance of 30 per cent of businesses questioned in July expected their business activity to rise over the next year, compared to 17 [...]
Firms’ confidence about the future rises to 13-month high August 20, 2009 BRITISH businesses are more confident about their trading than they have been for 13 months, according to a monthly survey published today. The Lloyds TSB Corporate Markets Business Barometer shows that a balance of 30 per cent of businesses questioned in July expected their business activity to rise over the next year, compared to 17 [...]
Builders tap the market September 23, 2009 HOUSEBUILDER Barratt yesterday unveiled its widely tipped £750m fundraising through a rights issue and share placing in a bid to repair its battered balance sheet. The group said it would raise £545.5m in a rights issues and £175m through a placing. Chief executive Mark Clare said the 1.3 for one rights issue would be priced [...]