Former Barclays boss Bob Diamond is readying a return to the City as part of a Qatar-backed takeover bid for Square Mile stockbroker Panmure Gordon March 16, 2017 Bob Diamond, the former chief executive of Barclays, is reportedly set to launch a takeover bid for Panmure Gordon, one of Britain's oldest stockbrokers. Diamond's private equity firm, Atlas Merchant Capital (AMC), and QInvest, a Qatari investment bank that currently owns 43 per cent of Panmure, will create a bid vehicle to make an offer, according [...]
Senior Barclays’ banker believes the bank’s rules on Libor had flaws, court told in trial against two former traders March 16, 2017 A senior Barclays' banker today in court conceded the rules the bank asked staff to follow on Libor had some flaws, as a trial against two of the bank's former traders rumbles on. The Serious Fraud Office has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, played roles in a conspiracy to fix the benchmark rate [...]
OneSavings Bank reckons the Co-op Bank sale may fail and is ready to restart talks if it does March 16, 2017 Challenger OneSavings Bank will reignite its interest in buying part of Co-op Bank because it expects the beleaguered lender’s sale of itself to fall through. Co-op Bank previously opened its books to OneSavings, which today reported better than expected annual results. Negotiations were put on ice when Co-op Bank put itself up for sale, after its US hedge fund backers [...]
OneSavings Bank share price falls despite revealing double-digit loan book growth March 16, 2017 Shares in OneSavings Bank fell over 1.5 per cent today despite beating expectations and posting strong growth in its annual figures. The figures Underlying profit before tax rose by 29 per cent to £137m with the number of loans issued swelling by 16 per cent to £5.9bn. Net interest margin increased to 3.14 per cent [...]
Digital challenger Starling Bank is launching in beta March 16, 2017 A digital challenger bank founded by a former banker is a step closer to launch today. Starling bank's current account will now be available for anyone who wants to sign up to its beta testing programme. “Our vision at Starling is to give everyone in the world the opportunity to enjoy a healthy financial life. [...]
UBS chair Axel Weber: We’re eyeing the exit ahead of Brexit because we need a new EU base once the UK leaves March 15, 2017 The chairman of UBS hinted today the Swiss bank may not wait until the end of Brexit negotiations to move jobs out of London. Back in January, Axel Weber said about 1,000 of the bank's jobs in London were directly linked to passporting, the complex set of rights which UK financial firms currently use to do business [...]
Transferwise partners with Starling Bank ahead of digital challenger’s imminent launch March 15, 2017 Transferwise, the unicorn-valued fintech startup, is partnering with another new disruptive finance startup on the scene – Starling Bank. The money transfer service will be integrated into the app of the challenger bank set up by former Allied Irish Bank operating chief Anne Boden which is set to launch in the coming weeks. Read more: This "Paypal of renting" [...]
Government reduces its stake in Lloyds bank to below three per cent March 15, 2017 The government’s stake in Lloyds has fallen below three per cent, the bank announced this morning in a regulatory filing. The new sell-off marks the next stage in the government’s efforts to re-privatise the bank, which was bailed out in the global financial crisis. The Treasury said the sale means the government has recovered £19.5bn [...]
Now “gallant George” Osborne has ridden to Charlotte Hogg’s defence March 14, 2017 Former chancellor George Osborne has taken time out from his newly-established portfolio career to wade into the debate about Charlotte Hogg, the now ex-Bank of England deputy governor for markets and banking. Hogg, who came under fierce criticism last week when it emerged that she had forgotten to add her banker brother's name to her official list of [...]
Banking pressure group, the British Bankers’ Association, plans to lobby the EU27, arguing a strong UK financial sector post-Brexit benefits everybody March 14, 2017 The UK's pressure group for the banking industry is pulling together plans to lobby the EU27 for a Brexit deal that will benefit all involved, just days before Prime Minister Theresa May is expected to pull the trigger on Article 50. The British Bankers' Association (BBA) has signed up an army of experts to draft plans to persuade [...]