UBS launches new debt product for ethical investors that sticks to UN principles September 10, 2018 UBS has launched a new World Bank-backed debt product aimed at ethical investors. The Swiss bank has partnered with corporate governance research company Sustainalytics to introduce the global sustainability signatories index, which is composed of 100 companies that have signed up to the United Nations (UN) global compact, a corporate sustainability initiative. Signatories of the [...]
CYBG’s £1.7bn takeover of Virgin Money approved by shareholders September 10, 2018 Shareholders have backed banking group CYBG's £1.7bn takeover of Virgin Money. CYBG, which owns Yorkshire Bank and Clydesdale Bank, and Virgin Money held general shareholder meetings this morning where three motions related to the deal were passed with an overwhelming majority. Read more: Virgin Media wins landmark legal case against council over land access All three resolutions were passed [...]
Asia supplants Europe as global banking landscape shifts post-financial crash September 10, 2018 The total assets held by Asian banks have grown nearly six-fold since the financial crisis, as Europe increasingly diminishes in the global banking landscape. The rise of Asian banks, particularly those in Japan and Chins, is underpinned by an overall asset expansion from $4 trillion (£3.1 trillion) to $23 trillion, analysis by law firm Linklaters [...]
Investigation report into TSB IT meltdown to be fast-tracked September 9, 2018 A report investigating TSB's technology meltdown will be fast-tracked and published before the end of the year. Law firm Slaughter and May is conducting an investigation into a botched IT systems migration in April that left customers unable to access online bank accounts. Read more: Paul Pester steps down as TSB boss amid ongoing IT issues The report will be divided [...]
European Investment Bank considering capital increase to plug €3.5bn gap post-Brexit September 8, 2018 The European Investment Bank will consider a capital increase to allow EU nations to increase their stake after Britain pulls out of bank in March. Britain – the biggest EIB shareholder – leaving the EU would mean the bank losing €3.5bn (£3.1bn) of capital. Other existing shareholders will increase their stake proportionally to make up [...]
The clock’s ticking for Smiths Group to shape its destiny, Big Four accountancy firms’ flaws and Paul Pester’s parting mistake September 7, 2018 The clock is ticking for Andy Reynolds Smith, chief executive of the industrial conglomerate Smiths Group. Talks about a combination of Smiths Medical, which manufactures devices ranging from tracheostomy tubes to chest drainage catheters, with US-listed ICU Medical have been ongoing for the best part of four months. When Reynolds Smith presents the company’s annual [...]
Acorn OakNorth rises to $2.3bn valuation as it closes fresh $100m fundraise September 6, 2018 London fintech Acorn Oaknorth has been valued at $2.3bn (£1.8bn) after it secured $100m from two Singaporean state-backed funds EDBI and GIC, as well as NIBC Bank, Clermont Group, and Coltrane Asset Management. The deal represented a total 4.3 per cent holding in the group. The fresh capital, announced yesterday, will be used to power growth [...]
City watchdog Andrew Bailey calls for open financial services trade after Brexit September 6, 2018 The City's top watchdog has urged the EU to remain open to British financial services and warned against a power grab post-Brexit. Financial Conduct Authority (FCA) boss Andrew Bailey said there is a “strong case for the UK and the EU to find each other equivalent on ‘day 1’” of Brexit, letting firms continue to [...]
Standard Chartered revamps top team with hire of new group chief operating officer September 6, 2018 Standard Chartered has hired David Whiteing as its new group chief operating officer as the bank revamps its top team to put more focus on technology. The newly expanded role will join together the chief operating officer team with the previously separate IT operations function. Michael Gorriz, group chief information officer, will continue to lead [...]
Lloyds axes 380 jobs but adds more amid digital strategy shake-up September 5, 2018 LLOYDS Banking Group is axing nearly 400 jobs as part of a company-wide shake-up to bolster its online and mobile services performance, it emerged last night. Roughly 435 new roles will also be created in the efforts to compete in an increasingly digital market. A Lloyds spokesperson said that the new roles will be created [...]