Paragon Bank’s share price surges after record profits and deposit inflows June 6, 2023 Shares in Paragon Bank surged nearly eight per cent this morning after the FTSE 250 lender reported record interim profits and significant deposit inflows. In the first half of the year, Paragon’s underlying profit jumped 22 per cent to £128.9m as the bank benefitted from rising interest rates. The bank’s net interest margin (NIM), the [...]
Exclusive: Zopa poised for senior hiring spree to bolster top team ahead of IPO June 6, 2023 Fintech lender Zopa has appointed a former Deutsche Bank executive to its board in the first of a series of senior appointments designed to bolster its top team ahead of an IPO, City A.M. can reveal.
Watchdogs in focus as proposed shakeup of financial regulation returns to parliament June 5, 2023 The UK’s financial regulators will be in focus as lawmakers consider a range of proposals to boost the accountability of watchdogs. A range of amendments to the Financial Services and Markets Bill have been put forward, focusing on the scrutiny of regulators as the Bill returns to parliament this week. Regulatory scrutiny has been a [...]
Aviva joins dormant asset scheme as programme expands to insurance and pension funds June 5, 2023 Insurance giant Aviva joined the dormant asset scheme today as the programme opened up to pensions and insurance firms. Aviva will join over 40 banks and building societies that currently participate in the scheme. Kirsty Cooper, group general counsel and company secretary, said Aviva had been working with the Reclaim Fund and dormant asset scheme [...]
HSBC criticised for ‘political decision’ to close Hong Kong opposition party bank accounts June 5, 2023 HSBC has been criticised for closing bank accounts held by one of the few remaining opposition parties in Hong Kong as well as some of its core members. According to the Hong Kong Free Press, HSBC has closed three accounts belonging to the League of Social Democrats. In a letter explaining the decision, the bank [...]
UBS expects to complete Credit Suisse deal within a week June 5, 2023 UBS expects to complete the acquisition of Credit Suisse as early as 12 June but reports suggest its next earnings statement will be delayed until the end of August. In a regulatory filing today, UBS confirmed Credit Suisse will be delisted from the Swiss stock exchange when the deal is complete. It said Credit Suisse [...]
London seals European finance investment crown every year since Brexit June 5, 2023 London is beating away the dire warnings that Brexit would knock it off its perch as Europe’s top finance hive and is even drawing in more investors amid high inflation and interest rates, a new report out today unveils. Foreign investors pumped cash into 46 financial services projects in the capital last year, up from [...]
Paragon Bank set to deliver strong results as interest rates rise June 4, 2023 Paragon Bank is set to post another strong set of results this week as analysts expect the FTSE 250 lender to benefit from rising interest rates.
Barclays, Lloyds, Halifax and Bank of Scotland to shut 63 more branches – including in London June 2, 2023 Two of the country’s biggest banking giants have announced they are slashing another 63 branches, taking away services from local communities around the UK. Barclays and Lloyds Banking Group between them announced a series of closures which are due to take place later this year or early next year. Barclays said on Friday it was [...]
HSBC leads banks’ plans to hike savings rates – and analysts say they could go up even further June 2, 2023 HSBC UK is boosting the interest rates on some savings accounts with increases of up to 0.75 percentage points, the bank has announced. The increases will come into effect next week, on Thursday June 8. They include a 0.75 percentage point increase on the bank’s mysavings and premier savings youth accounts, taking rates to 5.00 [...]