Lifeline for Amigo? Shares in subprime lender rocket on potential investment from shareholder June 9, 2023 Shares in Amigo surged after it agreed an exclusivity agreement with shareholder and financier Michael Fleming, raising the possibility of a debt investment in the subprime lender. Exclusivity agreements mean borrowers can not obtain funds from any other source. Fleming’s period of exclusivity expires on 6 September this year. Its shares were trading over 200 [...]
SMEs are ready to ramp up investment despite concern over wider economy, new research finds June 8, 2023 Small and medium-sized enterprises (SMEs) are increasingly optimistic about their own future, despite concerns around the wider economy. According to Opinium data collected for Paragon Bank, 45 per cent of SMEs expect cashflow to improve over the next three months. Over the course of a year this figure jumps to 55 per cent. Over a [...]
JP Morgan leads rivals on AI recruitment as UK banks struggle to attract talent June 7, 2023 JP Morgan is leading the field in AI recruitment as banks around the world race to capitalise on the opportunities created by the new technology. According to a new report from consultancy Evident, JP Morgan is hiring twice as many AI-related jobs as its rivals. The Wall Street giant advertised 3,651 jobs in AI between [...]
Watchdog sets out new rules to reimburse APP fraud victims in ‘world first’ June 7, 2023 The Payment System Regulatory (PSR) has confirmed new rules that will force banks and payment companies to reimburse victims of authorised push payment (APP) fraud. Following consultation, the regulator has set out how mandatory reimbursement will work in practice. It said the new rules will prompt a “step change” in how firms approach fraud prevention. [...]
UK’s newest bank Griffin secures £11m in funding round as it plots expansion June 7, 2023 Griffin, the UK’s newest bank, has gathered £11m in a fundraising round just a few months after it secured its banking licence. The funding round was led by venture capital firm Mass Mutual Ventures, with existing investors Seedcamp and EQT Ventures participating in the fundraise. Griffin said the funds will go towards leaving the ‘mobilisation’ [...]
Challenger banks hunt for acquisitions as rising interest rates reveal opportunities June 7, 2023 Challenger banks are increasingly on the lookout for acquisition opportunities as rising interest rates reveal takeover opportunities in the sector. Nigel Terrington, chief executive of Paragon Bank, told City A.M. that they “continue to look for opportunities” having made four acquisitions in seven years. Terrington noted that “in environments like this, some lenders are not [...]
Paragon Bank’s share price surges after record profits and deposit inflows June 6, 2023 Shares in Paragon Bank surged nearly eight per cent this morning after the FTSE 250 lender reported record interim profits and significant deposit inflows. In the first half of the year, Paragon’s underlying profit jumped 22 per cent to £128.9m as the bank benefitted from rising interest rates. The bank’s net interest margin (NIM), the [...]
Watchdogs in focus as proposed shakeup of financial regulation returns to parliament June 5, 2023 The UK’s financial regulators will be in focus as lawmakers consider a range of proposals to boost the accountability of watchdogs. A range of amendments to the Financial Services and Markets Bill have been put forward, focusing on the scrutiny of regulators as the Bill returns to parliament this week. Regulatory scrutiny has been a [...]
UBS expects to complete Credit Suisse deal within a week June 5, 2023 UBS expects to complete the acquisition of Credit Suisse as early as 12 June but reports suggest its next earnings statement will be delayed until the end of August. In a regulatory filing today, UBS confirmed Credit Suisse will be delisted from the Swiss stock exchange when the deal is complete. It said Credit Suisse [...]
Paragon Bank set to deliver strong results as interest rates rise June 4, 2023 Paragon Bank is set to post another strong set of results this week as analysts expect the FTSE 250 lender to benefit from rising interest rates.