RBS headed for row over share awards May 25, 2009 ROYAL Bank of Scotland is at the centre of a new row over executive remuneration, after it emerged that the bank has given four senior executives share packages worth a combined £5m at current prices. The new compensation scheme will reward Ellen Alemany, the chief executive of RBS America with 5.9m shares, worth just over [...]
LLOYDS TO OFFLOAD CUMMINGS’ LEGACY May 25, 2009 Lloyds Banking Group has appointed UBS to advise on the potential sales of its stakes in a slew of household name companies, including David Lloyd Leisure and House of Fraser. Lloyds inherited the stakes from the Integrated Finance unit of HBOS, which was headed up by Peter Cummings (above). but their value has since plummeted.
BarCap wants 65 more in M&A May 25, 2009 Barclays Capital will recruit up to another 65 bankers to its European mergers and acquisitions team before its hiring spree ends. Global head of M&A Paul Parker said the investment banking unit of Barclays was looking to add another 30 or 40 bankers in mainland Europe and up to 25 in the UK. Mark Warham, [...]
Brazilian bank launches UK ops May 25, 2009 BNDES, the Brazilian Development Bank, plans to open a London operation, making it the first foreign bank to do so since the beginning of the credit crunch. BNDES will use its London base to launch its European expansion plans and is expected to sign a lease for premises in the City of London or Mayfair [...]
Danone announces cash call May 25, 2009 Danone said yesterday that it plans to raise about €3bn (£2.6bn) by selling shares to existing shareholders to reduce net debt and strengthen its capital structure. The French food group expects to launch the rights issue in the coming days, subject to internal and regulatory approvals. The company also reiterated its forecast for underlying earnings [...]
Rose hints at early retreat May 25, 2009 MARKS & SPENCER’S executive chairman Sir Stuart Rose has said publicly for the first time he hopes to stand down before July 2011, his previously announced departure date. Rose, who has faced months of speculation about his future, said: “It’s quite clear. I said I would extend my tenure at the least until 2011. What [...]
NordLB boss warns of tough times for German regionals May 25, 2009 THE CHIEF executive of German regional bank NordLB has warned that banks are yet to see their most challenging period of the credit cycle. Despite NordLB making a €151m (£133m) profit last year, Gunther Dunkel, chief executive of the Hanover-based lender, predicted that the next two years would be “very interesting”, particularly with regard to [...]
ABN hit with loss ahead of full break-up May 25, 2009 ABN AMRO, the Dutch lender now controlled by the state, sank to a first-quarter net loss of €886m (£780m), largely on the back of losses at units now owned by Royal Bank of Scotland, it revealed yesterday. The Dutch bank is in the process of breaking itself up after it was bought last year in [...]
Spending boost for West End’s stores May 25, 2009 HALF a million shoppers were drawn to London’s West End this bank holiday by a day of free parking and in-store entertainment. The event, which saw shoppers spend around £50m on Saturday alone, took the New West End Company six months to organise with co-operation from West End retailers, Westminster City Council and Transport for [...]
ECB to walkout over pensions May 25, 2009 THE EUROPEAN Central Bank (ECB), responsible for monetary policy in the 16 Eurozone states, faces strike action from staff over planned changes to its pension scheme. Staff have called a 90-minute warning strike to take place on 3 June, as the ECB’s governing council meets in Frankfurt, Germany for its monthly rate-setting meeting. ECB president [...]