Tory conference: ‘Rigorous’ process for Revolut licence was ‘right’, ex-minister says September 30, 2024 The “rigorous” process Revolut went through to secure its banking licence was “right”, John Glen has said. Former paymaster general Glen told a Conservatives in the City event at the annual Tory party conference in Birmingham that the digital payments app now had “credibility to grow globally”. He said: “The UK is brilliant in innovation [...]
Revolut to launch retail wealth app in challenge to Robinhood and Etoro September 24, 2024 Revolut is launching a standalone app based on its wealth management offering as Europe’s most valuable fintech looks to challenge Robinhood and Etoro in the retail investor market. The Revolut Invest app will offer more than 4,000 financial instruments, including from US and European stocks, bonds, commodities and exchange-traded funds, the London-based company said. Equity [...]
Smart data isn’t just a buzzy phrase – it will revolutionise financial services sector September 23, 2024 Smart data is the key to levelling the playing field for SMEs that have been left behind in the digital revolution, says Lord McNicol
HSBC to sell German private banking arm to BNP Paribas September 23, 2024 BNP Paribas has struck a deal to acquire HSBC's German private banking arm as the French lender looks to expand in wealth management and the London-based giant continues its pivot to Asian markets.
Investec set for profit boost despite challenges in the UK September 20, 2024 Investec delivered an upbeat trading update for the first half, with profit on track to increase compared to last year despite challenges in the UK. The bank expects adjusted operating pretax profit in the six months to September to be between £450m and £482m, up from £441m in the same period last year. Headline earnings [...]
New access to cash rules kick in for UK banks and building societies September 18, 2024 New rules from the UK's financial regulator to ensure access to cash have come into force, handing new powers to local communities and placing stricter requirements on banks looking to close branches.
Close Brothers boss to take temporary medical leave of absence September 16, 2024 The bank said it would provide a further update "in due course". Its full year results will be announced on Thursday as planned.
Natwest chair says he ‘deeply regrets’ time at Petrosaudi after £1.3bn ‘scam of the century’ September 15, 2024 Natwest chairman Rick Haythornthwaite has expressed his regret and sadness for his role at the UK arm of oil company Petrosaudi, which was involved in a £1.37bn “scam of the century” against Malaysia’s sovereign wealth fund. Haythornthwaite said he took the role “in good faith” without knowing the existence of the fraud, which channelled money [...]
City minister: New capital rules will give banks certainty and stability September 12, 2024 As City Minister, I know that our financial services will underwrite the growth our country needs in the decade to come. The facts speak for themselves. More than £20bn worth of equity capital has been raised in London alone this year, which is over three times what has been raised in the next three European [...]
Bank of England makes ‘substantial amendments’ to proposed banking overhaul September 12, 2024 "The bottom line is that we have made substantial amendments to our proposals in response to consultation feedback and evidence," Phil Evans, director of prudential policy, said in a speech published on Thursday.