Nationwide scoops £50m prize for small business lending May 14, 2019 Nationwide has won the latest round of funding from a high-profile grant designed to boost small business lending in the UK, pocketing the top £50m prize. Read more: Nationwide invests in ex-Barclays CEO's firm to boost business banking Investec and the Co-operative Bank were also named as winners, taking home £15m each. The awards, handed [...]
Non-Standard Finance confident of winning competition watchdog approval for £1.3bn Provident bid May 13, 2019 Non-Standard Finance said it expected to alleviate the competition watchdog’s concerns over its proposed £1.3bn hostile takeover of rival subprime lender Provident. The Competition and Markets Authority (CMA) launched an investigation into the potential deal in February and prevented NSF from taking steps to integrate the two businesses. Read more: Sparks fly as Provident accused [...]
Swedbank proposes new board in bid to steady ship after money-laundering scandal May 13, 2019 Investors in under-fire Swedbank will vote on the future of the company within the next six weeks, as the company today formally proposed a new board headed by former Swedish Prime Minister Goran Persson. The bank’s five largest shareholders have called for an extraordinary general meeting to be held before the midsummer holiday on 21 [...]
Metro Bank shares sink to fresh all-time lows after Whatsapp rumours May 13, 2019 Metro Bank shares have plunged further to fresh all-time lows after the challenger bank was forced to quash fresh rumours of financial turmoil ahead of a £350m rights issue. Customers rushed to branches in west London over the weekend to withdraw money and items from safe deposit boxes following warnings on Whatsapp. Read more: Metro [...]
London’s finance expertise is leading the global charge towards a greener planet May 13, 2019 Tackling climate change presents an unprecedented challenge for us all – politicians, businesses and individuals alike. It’s estimated that some $90 trillion will be needed globally by 2030 to achieve international sustainable development and climate objectives, which is undoubtedly a daunting task. But it is also a significant opportunity. The UK’s financial and professional services [...]
DEBATE: Is the term ‘fintech’ becoming redundant? May 13, 2019 Is the term ‘fintech’ becoming redundant? Rhys Powell, UK managing director at EBO.ai, says YES. It’s true that the fintech revolution has brought about positive business change, but to stay relevant in today’s modern business world, all financial organisations have had to harness the power of technology. As such, it’s now almost impossible to define where general [...]
MPs tell government to intervene if banks don’t do enough to halt branch closures May 13, 2019 The government or the financial watchdog should be ready to intervene if banks do not do enough to halt the closure of local branches, MPs have suggested. In its report into financial inclusion, the influential Treasury Select Committee (TSC) said the closure of local branches were more likely to affect older and more vulnerable customers and [...]
Lloyds Bank urges employees to vote in executive pay meeting May 12, 2019 Bosses at Lloyds Banking Group have urged employees to vote at its upcoming annual meeting after objections were raised over its executives’ pay. Read more: Lloyds Bank handed capital boost by regulator following risk change A video was made in an attempt to persuade staff to vote at Thursday’s meeting, the Sunday Times reported, on [...]
Metro Bank denies rumours of financial trouble ahead of fundraising May 12, 2019 Under-fire high street lender Metro Bank sought to quash fresh rumours of financial trouble this evening ahead of a crucial City fundraising effort expected to take place in the coming days. The challenger bank insisted today there was no truth to speculation on social media and messaging apps about instability at the firm, as it sought [...]
Metro Bank prepares for £350m placing next week May 11, 2019 Metro Bank will next week announce a new £350m fundraising which it hopes will end weeks of pressure over the state of its finances. The bank has started formal talks with institutional investors, one city source told Sky News. Read more: Major investor cuts Metro Bank stake by almost a third It is said to [...]