UK’s inaugural green gilts to carry 2033 maturity August 27, 2021 The UK’s first green gilts, which are due to launch next month will have a maturity date of 31 July 2033, the Debt Management Office (DMO) announced this morning. The sale of the new gilts, the proceeds of which will go towards funding environmental projects, will take place in the week of 20 September. The [...]
Amigo issues fresh warning over future despite profit rise August 27, 2021 Embattled subprime lender Amigo has issued yet another warning over its future despite a fifteen-fold rise in profit this quarter. First quarter pre-tax profit at the firm jumped from £1.4m to £15m, it revealed this morning, a performance finance chief Mike Corcoran labelled “better than expected”. It comes days after Amigo revealed it had made a £283.6m [...]
City watchdog orders peer-to-peer lenders to step up preparations for orderly wind-downs August 26, 2021 The City watchdog has urged peer-to-peer lenders to improve their internal governance controls to prevent a wave of disorderly wind-downs in the sector. The Financial Conduct Authority published a letter today that it distributed to the boards of online lending platforms showing it has ordered peer-to-peer lenders to improve contingency plans for being ordered to [...]
Brazil’s Buffett-backed Nubank eyes $55bn valuation ahead of US IPO August 26, 2021 Brazil’s digital bank Nubank is reportedly eyeing a $55.4bn valuation ahead of its initial public offering (IPO), as Brazilians look beyond traditional lenders. If Brazil’s most prominent digital bank is listed at a market cap greater than its largest tradition bank Itau Unibanco, Nubank would shoot up the ranks towards international high flyers like the [...]
Afghanistan: Former central bank boss warns Taliban have ‘less than a week’ of financial coverage August 25, 2021 Following its takeover by the Taliban, Afghanistan and its capital Kabul have been left in chaos – with thousands attempting to flee the country while its economic climate becomes increasingly dire. An eyewatering amount of capital has been snatched from the hands of the Taliban as countries like the US, Germany and other foreign fiscal [...]
FCA says it cannot supervise crypto exchange Binance effectively August 25, 2021 UK Financial Conduct Authority (FCA) has admitted that it is “not capable” of effectively supervising Binance, the world’s largest crypto exchange by trade volume in a statement published today. In a supervisory note the watchdog today reiterated its concerns over Binance’s products, which allow consumers to take supercharged bets, and added that the crypto exchange [...]
Citigroup forces UK junior bankers to take two weeks off by October August 25, 2021 Citigroup has asked its junior bankers across Europe, the Middle East and Africa (EMEA) to take two weeks off work by the end of September. The measures, introduced in July and first reported by Bloomberg, form part of the Wall Street giant’s bid to improve working conditions for its youngest employees. The bank is fighting [...]
Bank North bags fresh licence in its bid to localise the future of banking August 25, 2021 Bank North has secured a banking licence from the Bank of England as it looks to target northern cities with regionally focused lenders. The upcoming lender will open in October to small businesses in and around Greater Manchester, with plans to start taking retail deposits next year. The bank’s boss Jonathan Thompson explained that Bank [...]
Ailing subprime lender Amigo registers near sevenfold rise in losses August 24, 2021 Losses at subprime lender Amigo ballooned more than sevenfold over the last year as it contends with the swelling cost of repaying customers it misssold loans to. The guarantor lender’s losses before tax increased 648 per cent compared to the same period in 2020, rising to £283.6m from £37.9m. The widening losses were primarily driven [...]
Santander US to snap up remaining stake in consumer unit for $2.5bn August 24, 2021 Santander’s US division is set to buy the minority stake in its American consumer unit for $2.5bn. Snapping up the remaining 20 per cent of the business, the deal values the entire Santander Consumer US unit at $12.7bn, the bank said in a statement. Santander offered some $41.5 per share – a 6.4 per [...]