Icap offers up its oil desks to avoid Tullett deal probe June 21, 2016 Inter dealer brokers Tullet and Icap could avoid a lengthy probe into their merger, with the two firms proposing a sale of the latter's London-based oil trading desks. The Competition Markets Authority (CMA) said today that it has until 16 August to decide if this will be enough to address its antitrust concerns, or refer the merger for [...]
IPOh dear: Flotation revenue down 58 per cent so far in 2016 June 20, 2016 Global revenue from initial public offerings (IPOs) has declined by 58 per cent year on year so far in 2016. The $1.3bn (£0.9bn) figure is down from $3bn in the same period in 2015 and the lowest it has been at this date since 2009. Read more: IPOs might be back – but for how [...]
RBS has pushed back the launch of Williams & Glyn, fuelling buyout speculation June 20, 2016 RBS has put off the marketing push for its new/old Williams & Glyn brand until the first quarter of 2017. The Sunday Times reported that the lender will now put off its marketing activities until the beginning of next year. Under rules set out by the regulator after RBS' £45bn taxpayer bailout in 2008, it [...]
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 [...]