One Savings bank shares are up nine per cent after releasing “another strong set of results” August 24, 2016 Shares in specialist lender One Savings bank jumped over nine per cent this morning after it released half year resilient results that it said were meeting all its targets. The figures Although statutory profit before tax leapt from £46.6m to £100.0m, underlying profits were less dramatic, increasing from £47.6m to £64.6m. New lending increased by 25 per [...]
Barclays becomes the latest bank to get on the CoCo bond bandwagon August 23, 2016 Barclays has today become the latest lender to launch a CoCo bond. The transaction for the bonds, which will be denominated in US dollars, has not been priced yet and is expected to launch in the near future, depending on market conditions. Contingent Convertible capital notes – or CoCos for short – are a type of [...]
This major European bank remains committed to Canary Wharf move despite Brexit vote August 23, 2016 Some may have predicted an exodus of bankers after Brexit, but one major European player has confirmed to City A.M. it still plans on keeping a UK presence. A spokesperson for Societe Generale has confirmed the bank intends to move into its Canary Wharf base in 2019, as had been previously planned. Soc Gen also acquired [...]
Where will Team GB store their medals? This challenger bank has a solution… August 23, 2016 It's a problem most of us could only dream of having – where does one store one's gold medals from the Olympics? Fortunately, a high street challenger bank has stepped up to the plate. Metro Bank has revealed to City A.M. it is offering complimentary safe deposit boxes to all of Britain’s 2016 Olympic medallists. "We [...]
This challenger bank is moving to a larger London HQ August 23, 2016 Hampshire Trust Bank has revealed today it will be moving to larger London headquarters to house its expanded team. The bank, which launched in its current format two years ago, is planning to make the move from its 7,500 square foot headquarters near the Barbican to a newly refurbished 21,000 square foot office on Bishopsgate. In its most [...]
Watch out Carney: Here’s what Japan’s central bank just said about fintech August 23, 2016 The Bank of England made history this summer with the launch of the first ever fintech accelerator by a central bank. But, forward-thinking Mark Carney is not the only governor eyeing the potential of the fintech sector and its future role in monetary policy making and central banking. Haruhiko Kuroda, the governor of the Bank of Japan, has indicated [...]
Bank of America escapes $1.3bn fine after court declines to go back on decision August 22, 2016 Bank of America has dodged a $1.3bn (£990m) fine, after a US court decided to drop the issue. The 2nd US Circuit Court of Appeals in New York opted not to reconsider its previous decision to overturn the bumper penalty the bank had been initially slapped with after a jury decided the lender was liable for mortgage [...]
Panama’s banking system grows by more than $4bn in first half of 2016, but profits drop thanks to new red tape August 22, 2016 Panama's government has revealed assets held by its banking system had grown by over $4bn (£3.1bn) in the first half of the year alone, as the country continues to work towards more transparency in its financial services sector. Total assets held within the National Banking System reached $99.6bn by the end of the first half of the [...]
You wait ages for one cashback card, then this company goes and launches two at once August 22, 2016 Good news for anybody who feels like their card wallet is feeling a bit slim – Asda Money has today announced the launch of not one but two cashback credit cards. The Cashback Credit Card will offer one per cent cash back on money spent across the Asda brands and 0.5 per cent cash back on other purchases. [...]
How one simple tech trick saved HSBC customers millions August 22, 2016 It may be all about open banking APIs and blockchain in the geeky world of fintech right now, but banking giant HSBC used one incredibly simple piece of technology that's been around for years to save its customers millions of pounds. The humble text message, first devised in 1984 with the first message making its [...]