Unicredit’s international lenders commit to €13bn rights issue, as bank also ditches €17.7bn of non-core loans December 13, 2016 Italy's largest ever rights issue was announced this morning by Unicredit, the country's biggest bank. The lender pushed the button on a €13bn (£10.9bn) rights issue, in a balance sheet restructuring Unicredit hopes will pave the way for dividend payouts to recommence by 2019. A raft of international banks, including Bank of America Merrill Lynch, J.P. Morgan, and [...]
Lloyds Bank share sale raises further £0.5bn to repay taxpayer December 13, 2016 The government has sold off another slug of its shares in Lloyds Bank, meaning the state now has an interest of less than seven per cent. More than £17.5bn has been recovered of the £20.3bn forked out by the taxpayer, the Treasury said this morning. The sale follows the previous auction in November that took recoveries to [...]
Clamour for a quick-fire Brexit will grow if Trump abolishes Dodd-Frank December 13, 2016 Worryingly the spirit of the age is to characterise diplomatic relations as some sort of zero-sum game. As a consequence the UK urgently needs to avoid the temptation of pitching our national interest against global goals as we extricate ourselves from the EU. Ongoing harmony and goodwill between the UK and the remaining EU 27 will [...]
Barclays says au revoir to French retail division in latest non-core asset sale December 12, 2016 Barclays has today agreed to sell its French retail business, marking the bank's final departure from retail operations in continental Europe. The lender has agreed to sell the 74 retail branches, life insurance business, wealth and investment management arm, and brokerage operations in France to private equity firm AnaCap Financial Partners. No price was disclosed for the deal, but Barclays noted [...]
Financial watchdog wants to know if the mortgage system is working to the detriment of consumers December 12, 2016 Britain's financial regulator has put the competitiveness of the mortgage sector under the microscope and launched a sweeping review into industry practices. The Financial Conduct Authority (FCA) today announced it wants to focus on whether or not customers are getting the best deal from the commercial arrangements between lenders, brokers and other players. Read more: Remortgaging valuations boom [...]
The City is a national asset with massive potential to address regional inequality December 12, 2016 One of the hardest parts of the lord mayor’s job is getting people to think of the financial City as more than just London. Our capital is certainly a vital part of the UK’s offer, but so are the many smaller towns and cities that lie beyond the M25 that, together, provide two thirds of the UK’s [...]
Italian banks in renewed post-referendum scramble for cash December 11, 2016 Italian banks will renew their efforts to sort their ailing finances this week as they assess the fallout of the country's recent referendum. Unicredit, Italy's largest lender by assets, is widely expected to announce a rights issue for as much as €13bn (£10.9bn) when it hosts its capital markets day on Tuesday. The highly anticipated move [...]
The European Central Bank has rejected Monte dei Pachi’s request for more time to raise cash December 9, 2016 Shares in troubled Italian lender Monte dei Paschi nosedived after reports suggested the European Central Bank (ECB) had rejected its request for more time to raise rescue money. The lender is in the process of negotiating a €5bn (£4.2bn) rescue package with the Italian government. Yesterday it requested until mid-January to seal the deal – but a [...]
An overwhelming number of responses to the FCA’s latest PPI consultation slows down the process December 9, 2016 The UK's financial regulator said it needs more time to finalise a deadline for payment protection insurance (PPI) complaints. The Financial Conduct Authority (FCA) published a consultation paper in August. It included a timetable for making a decision on the deadline for PPI complaints as well as providing more guidance on how City firms should [...]
Plus500 says German regulator proposals will have “no effect on business” December 9, 2016 Shares in one of Britain's largest spreadbetting jumped over four per cent after it hit back at a clampdown by the German financial regulator. It's been a torrid week for spreadbetters after the UK's Financial Conduct Authority (FCA) clamped down on new customer promotions and the amount of risk traders can take on. German counterpart BaFin revealed plans for similar restrictions [...]