StanChart set for another $330m US fine December 6, 2012 SHARES jumped in British bank Standard Chartered yesterday, as it revealed its final fine for breaking US sanctions against Iran will be smaller than previously feared. It expects to pay $330m (£205.6m) to regulatory authorities including the Federal Reserve, the Department of Justice, the Treasury department and the local district attorney. That takes Standard Chartered’s [...]
HSBC expects to be hit with $1.8bn charge over laundering December 6, 2012 HSBC is likely to face a bigger than expected fine from the US authorities, after lax controls allowed terrorists and drug dealers to launder money through its accounts. The bank had already pencilled in a $1.5bn (£935m) hit, but it is now thought the fine could come in at $1.8bn. But markets held steady, as [...]
Barclays unveils final plan to combine African banking units December 6, 2012 BARCLAYS yesterday announced African bank Absa is taking over its banking operations in the continent, while the British bank is increasing its majority shareholding in Absa. The consolidation is worth 18.33bn rand (£1.3bn) in shares and increases Barclays’ stake in the bank from 55.5 per cent to 62.3 per cent. The combined firm will be [...]
Former FSA boss Sants mulls bank move December 6, 2012 HECTOR Sants may head up Barclays’ regulation and compliance operations, it emerged yesterday, as another major firm vies to win the former Financial Services Authority chief executive’s services. Professional services firm Deloitte is also thought to want to hire Sants.
Rolls-Royce hit by allegations of corruption December 6, 2012 ROLLS-ROYCE could face prosecution after handing over details of possible bribery and corruption in its overseas operations. The firm said it had given the Serious Fraud Office (SFO) information about allegations of malpractice in Indonesia and China, and has identified “matters of concern” in these and other countries. The allegations, which have not been revealed, [...]
Veteran money manager quits Jupiter as new stars promoted December 6, 2012 ONE of the country’s longest serving money managers and mentor to a host of rising stars yesterday announced he is leaving the industry. Tony Nutt, who has worked at retail equity manager Jupiter Asset Management for the past 17 years, turns 60 next year and has decided to retire from the business in 2014. Nutt, [...]
Ex-Citi bankers forced to close Asian focused Primus Financial December 6, 2012 THREE ex-Citigroup bankers who raised $1bn (£620m) to invest in pan-Asia financial services have closed the fund after a string of setbacks and the region’s failure to deliver hoped-for bargains in the aftermath of the global financial crisis. Robert Morse, Wing-Fai Ng and Guocang Huan – all with long experience in Asian financial M&A – [...]
Sir Philip sells £500m stake in Topshop brand December 6, 2012 SIR PHILIP Green has sold a 25 per cent stake in his family’s Topshop empire to a US private equity firm in a deal that values the successful high street chain at £2bn. Arcadia, the retail tycoon’s holding company, confirmed yesterday it has sold off a £500m stake in its prized Topshop and Top Man [...]
Kcell on track for IPO pricing by next week December 6, 2012 KCELL, the leading Kazakhstan-based mobile telecommunications group, is expecting to close the books on its London and Almaty-based flotation by Tuesday evening, with bankers reporting healthy demand. The group’s management team, led by chief executive Veysal Aral, finished seeing institutions in Moscow earlier this week before travelling to London. The group, which is offering a [...]
Banco Popular deal puts a spring in bankers’ steps December 6, 2012 THE problems of the Eurozone are far from over but some investment bankers involved in capital raising issues are hoping a type of normality is returning to their battered markets. The contrasting fortunes of two financial deals, at either end of the year, provide the backdrop to their growing confidence. At the start of 2012 [...]
