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. [...]
TSB boss Paul Pester: We are the UK’s only real challenger bank February 25, 2015 Only TSB “has the teeth” to take on the big banks, the lender’s chief executive claimed yesterday, arguing that it alone has the size and scope to make a difference in the market. Dozens of new banks have received licences or are going through the application process, but TSB’s Paul Pester said they will take more [...]
Aldermore IPO: Challenger bank geared up to unveil £75m stock market float today February 23, 2015 Challenger bank Aldermore is set to reveal plans today for a stock market listing worth £75m. The company’s board met yesterday to rubber-stamp the announcement, a source close to Aldermore told Sky News. Backing is already provisionally in place from a number of blue-chip institutions. The initial public offering (IPO) to be announced will seek [...]
New challenger bank OakNorth set to open its doors in summer 2015 February 19, 2015 Challenger bank OakNorth expects to secure a license shortly, meaning it could open as soon as this summer, with a strategy that aims to attract fast growth small businesses by mixing digital services with traditional lending. The new bank would be joining other challenger banks such as Aldermore, Virgin Money and Metro Bank, as they battle [...]