Aldermore Group chairman Glyn Jones steps down from Direct Line board March 16, 2015 Aldermore Group chairman Glyn Jones is stepping down from the board of Direct Line, after the challenger bank's IPO last week. Jones, who is currently a senior independent director at the insurance group, is also chairman of Aspen Insurance Holdings, which is listed in New York. As he is now chairman of two listed [...]
Atom Bank’s chief Mark Mullen on using the Post Office to launch challengers March 16, 2015 Digital banking sounds super-cool. You can manage your money entirely on a smartphone and, if you choose a new challenger, stick it to the big banks at the same time. There is one big problem – where do you pay in cash? Atom Bank’s boss thinks shared hubs like the Post Office could be the [...]
Lloyds to bank £1.5bn if TSB sale to Banco Sabadell goes ahead March 12, 2015 Lloyds is set to receive a final total of £1.5bn for TSB if the Banco Sabadell sale goes ahead – twice the £750m for which it had previously agreed to sell the lender to the Co-op Bank. The giant bank was forced to sell off TSB under the terms of its 2008 bailout. The [...]
TSB share price leaps 27 per cent as Lloyds backs £1.7bn takeover talks with Spanish bank Sabadell March 12, 2015 Lloyds appeared to give its blessing to an offer by Spanish Banco de Sabadell for challenger bank TSB this morning, in which it has a 50 per cent stake. TSB said it had been offered 340p in cash per share, about a 30 per cent premium on last night's closing price, valuing the lender at [...]
Challenger bank Shawbrook jumps on IPO bandwagon March 12, 2015 Shawbrook has become the latest challenger bank to announce plans to list on the London Stock Exchange, with plans to raise about £90m. The announcement of its intention to float follows an impressive showing by rival Aldermore earlier this week, whose shares closed 12 per cent higher on its first day of trading. Its shares [...]
Aldermore share price jumps on its first day of trading March 10, 2015 Shares in Aldermore rose 10 per cent to 212p as its first day of conditional trading began on the London Stock Exchange this morning. The challenger bank priced its offering of 34.8 per cent of issued share capital at 192p per share, near the top of its 155p-195p range. The price gave it a market [...]
Lord Adair Turner finds something useful to do March 9, 2015 The man who described some banking as socially useless gets a new job – with a bank. It is not unfair to say that Lord Adair Turner has not always been a friend to banks. Turner was a non-executive director at Standard Chartered in the boom years before the crash, and an executive at Merrill [...]
Lord Adair Turner joins board of challenger bank OakNorth March 9, 2015 It seems that everywhere you look these days, another challenger bank is opening its doors. And it seems OakNorth will be the latest to jump on the bandwagon, after it gained approval from the Financial Conduct and Prudential Regulation Authorities, and appointed three City grandees to its board. OakNorth announced plans last month to launch an [...]
CivilisedBank: There’s another new challenger bank on the scene with imminent UK launch plans March 8, 2015 Another challenger bank has joined the scene alongside a growing number of upstarts trying to unseat the dominant high street banking institutions in the UK. CivilisedBank, a new online-only bank aimed at small and medium-sized businesses, is the latest to reveal its plans and expects to open its doors – albeit virtual ones – later [...]
Challenger bank Aldermore covers books on IPO March 3, 2015 Challenger bank Aldermore has covered the books on its initial public offering, early in the first day of its bookbuild, City A.M. understands. The lender had to postpone its flotation late last year on choppy market conditions, so will be relieved to have had such a warm hearing from investors this time around. [...]