Metro Bank is the latest challenger bank to eye London float April 19, 2015 The battle between the "big four" high street lenders and the challengers banks just ratcheted up a notch. New kid on the block Metro Bank is eyeing a £1bn initial public offering on the London stockmarket next year, according to the Telegraph. This comes just five years after it emerged to shake-up Britain's banking landscape. [...]
Billionaire backers Wilbur Ross and Stanhope Investments cut Virgin Money stake April 14, 2015 Billionaire investors Wilbur Ross and Stanhope Investments last night cut their stake in high street bank Virgin Money by selling $354m (£240m) of shares in the Richard Branson-backed venture. The bank, which floated last November by raising £500m, valuing the business at £1.25bn, is co-owned by US investor Ross and Abu Dhabi-based fund Stanhope alongside [...]
Atom Bank raising £75m before launch April 8, 2015 Atom Bank is raising £75m from investors as it prepares to gain its full licence and launch this year. The Durham-based challenger bank plans to be the first fully digital lender, operating predominantly via mobile apps. The licensing process runs in two stages, allowing banks to gain partial authorisation, helping it to hire more staff [...]
Challenger bank Shawbrook prices shares at top of range on IPO April 1, 2015 Challenger bank Shawbrook may be late to the IPO party, but that hasn't prevented it from getting its flotation off to a running start, after it priced shares at 290p each, near the top of its range of 255p-305p on its first day of conditional trading. The pricing valued the bank at £725m, raising £90m [...]
Challenger bank Shawbrook’s float succeeds as it covers books March 24, 2015 SHAWBROOK Bank has covered the books in its stock market flotation, successfully attracting enough institutional investors into its shares, City A.M. understands. The challenger is raising £90m in new funds, and is selling a 25 per cent stake, plus an over-allotment option. It follows stock market debuts from Aldermore earlier this month, and from Virgin [...]
TSB share price opens higher as Lloyds accepts £1.7bn takeover offer from Banco de Sabadell March 20, 2015 Shares in TSB opened 1.6 per cent higher at 332.47p this morning after its majority owner, Lloyds, have accepted a £1.7bn takeover offer from Spanish rival Banco de Sabadell. Shares in the challenger bank leapt 27 per cent last week, after TSB issued an announcement suggesting it was "willing to recommend" Sabadell's 340p-per-share offer – [...]
OneSavings share price soars as challenger bank doubles profits after IPO March 17, 2015 Challenger bank OneSavings more than doubled its profits last year, yesterday reporting strong buy-to-let and small business lending. Statutory pre-tax profits came in at £63.7m for 2014, up from £31.4m in 2013. That includes the £7.4m OneSavings spent on its stock market flotation last summer. The bank is made up of several different units [...]
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 [...]