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 [...]
The Fragrance Shop: something stinks May 10, 2019 You may have read about or watched the story of Sanjay Vadera, CEO of The Fragrance Shop, recently. He appeared on Sky News last week to talk about McArthurGlen, his landlords, who want to take away his six outlet stores and hand them to his rival, so he’s taking them to court. The case will [...]
US investment firm Fidelity cuts Metro Bank stake by almost a third May 10, 2019 One of Metro Bank's biggest investors has cut its shares in the lender by just under a third ahead of a £350m rights issue. Read more: Metro Bank shares plunge to all-time lows as hedge funds circle Fidelity Management and Research (FMR) held a 7.55 per cent stake in the challenger bank, but has cut that [...]
Brewin Dolphin signs deal for Investec’s Irish business as assets dip May 10, 2019 Asset manager Brewin Dolphin today said it has signed a deal to buy Investec’s wealth management business in Ireland as it posted a dip in total funds for the half-year. Brewin Dolphin said it will pay roughly €44m (£38m) for the Irish business, adding the deal would make it one of the top three wealth [...]
Danske Bank appoints ex-ABN Amro executive as new CEO in wake of money laundering scandal May 10, 2019 Danske Bank has appointed the former boss of ABN Amro's retail and private banking operations, Chris Vogelzang, as its new chief executive. The 56-year-old has not held an executive role for almost two years, but will take on his new role at Denmark's biggest lender from the start of June. Read more: Profits plunge at scandal-hit [...]
Sparks fly as Provident accused of ‘scaremongering’ over hostile Non-Standard Finance bid May 10, 2019 Non-Standard Finance (NSF) has hit out at the management of Provident Financial, accusing it of “scaremongering” in a bid to fend off a hostile takeover. NSF, which launched the £1.3bn bid in February, today accused Provident of going “to great lengths to deflect attention from its flawed strategy, regulatory breaches, broken promises and underwhelming financial [...]
Atom Bank to raise £50m after major shareholder BBVA decides against full takeover May 9, 2019 Atom Bank, an online-only lender, is preparing to launch a £50m fundraising bid after its main shareholder abandoned a full takeover of the company. The bank has started speaking to investors over the fundraise in recent weeks, Sky News reported today. Read more: How Monzo plans to save you money on your energy bills It [...]