UK banks halve property lending in just two years as developers look to peer to peer lenders June 20, 2016 UK banks have halved their lending to property developers over the past two years, in an effort to de-risk their balance sheets. According to new data from peer-to-peer property funding platform Saving Stream, bank loans to property developers fell from £32.5bn in April 2014 to £14.9bn in April 2016. Meanwhile, alternative financing options have entered the mainstream, [...]
Proposed merger between National Bank of Abu Dhabi and First Gulf would create the Middle East’s biggest bank June 19, 2016 Two of Abu Dhabi’s biggest banks are in talks to merge, in a move that would create the biggest bank in the Middle East. National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) have announced that they are considering a merger, which would form an entity with approximately $170bn (£117bn) in assets. NBAD [...]
A bank is close to replacing Waitrose as the main sponsor of English cricket June 17, 2016 Waitrose is set to be replaced as the main sponsor of English cricket by Royal Bank of Scotland (RBS) offshoot Natwest, reports have suggested. The supermarket announced in February that 2016 will be its last year as the main partner of the England and Wales Cricket Board (ECB). Today Sky News reported RBS was in advanced [...]
Bank of England becomes first central bank to launch a fintech accelerator June 17, 2016 The Bank of England has launched a fintech accelerator today to help startups with a plan to shake up central banking get the support and backing of Threadneedle Street. The Old Lady is the first central bank in the world to create such a programme, as it opens its doors to fintech firms working on [...]
Lloyds wins £1bn bondholder battle in the UK’s highest court June 17, 2016 Shares in Lloyds Banking Group bounced after a court ruled the bank won't have to pay extra money to buy back thousands of bondholders' investments, following a seven-year legal battle. Lloyds shares were up 5.7 per cent at 64.8p per share this morning, after it emerged the decision, published earlier this week, will save Lloyds around £1bn. [...]
HSBC shares rise as it agrees $1.6bn settlement with Household International shareholders June 17, 2016 HSBC has reached a settlement with shareholders after a dispute over its acquisition of Household International, back in 2003. The company said it will pay just under $1.6bn (£1.1bn) to shareholders after a class action lawsuit filed in 2002. HSBC bought the company for $14.2bn back in 2003, in an effort to increase its share of [...]
Barclays brands financier Amanda Staveley’s $1bn claim as “misconceived” June 16, 2016 Barclays has branded a lawsuit brought by Amanda Staveley, a financier who helped the bank avoid a taxpayer bailout in 2008, as "fundamentally misconceived". In a 44-page court document filed by the bank, Barclays denied allegations made by Staveley's firm PCP Capital Partners over a fundraising that took place amid 2008's financial crisis. At the time, Stavely's firm was advising Abu Dhabi’s Sheikh Mansour bin Zayed [...]
SocGen is set to expand its St James’s Square office by 8,000 square feet June 16, 2016 French banking giant Société Générale is about to double the size of its St James’s Square office. The bank, which is headquartered in Paris but operates major offices across London, is also moving ahead with plans to move into a new larger Canary Wharf office in 2019. The St James's office houses SocGen's private-banking arm and currently covers 8,000 square feet. [...]
European banking shares take a hammering as Deutsche Bank falls to its lowest ever June 16, 2016 European banking shares dropped today – with Deutsche Bank's share price falling to its lowest-ever in early trading. Deutsche shares fell as low as €12.94 , 2.5 per cent lower, while the UK's big four lenders were also hit, with HSBC dipping 1.1 per cent to 420.95p, Barclays falling 2.5 per cent to 157p, Royal [...]
Fintech and blockchain top Mark Carney’s Mansion House agenda June 16, 2016 London's status as the world leading centre for fintech is set to be cemented on Thursday when it tops the agenda of the governor of the Bank of England at a prestigious City event. Mark Carney will centre a major speech on the subject of fintech and blockchain technology at the annual Mansion House dinner, his first to address the disruptive sector in [...]