Banks launch SME lending campaign April 5, 2011 A task force of Britain’s major banks have launched a campaign to make lending to small and medium-sized businesses more transparent, the British Bankers Association said. Under the scheme, backed by the BBA, the banks will have to provide businesses with the result of a loan appeal within 30 days and information on alternative sources [...]
RIVERSIDE HQ MARKS NOMURA’S NEW START April 4, 2011 THE humanitarian disaster in Japan was never far from the City’s minds at the opening of Nomura’s new offices at One Angel Lane, which started with a one-minute silence as a mark of respect for the victims and survivors of the tragedy. The Japanese bank’s president and chief executive Kenichi Watanabe paid tribute to Londoners [...]
Barclays buys MBNA’s UK small business credit card business April 4, 2011 BARCLAYS Bank has bought MBNA Europe Bank’s Small Business credit card portfolio in the UK, acquiring approximately 60,000 accounts with around £130m of outstanding balances at the end of February. The portfolio will be integrated into its payment division, Barclaycard. Valerie Soranno Keating, chief executive of Barclaycard, said: “Following on from our recently announced intention [...]
Pfizer sells pill unit to KKR April 4, 2011 DRUGMAKER Pfizer has struck a deal to sell its Capsugel unit, the world’s largest maker of hard capsules, to private equity firm KKR for nearly $2.38bn (£1.48bn). Pfizer, which said in October it was exploring the sale of Capsugel, said it expects to make additional share repurchases this year as a result of the deal, [...]
BarCap top of debt league in first-quarter April 4, 2011 BARCLAY’S Capital has topped a list of global banks for handling the highest value of debt capital for the first-quarter of this year. The British investment bank handled the raising of $128.6bn (£79.7bn) through debt instruments over the first three months of 2011, according to Thomson Reuter’s global league table. The lender knocked Bank of [...]
Banks reject claims over competition April 3, 2011 SANTANDER UK has rejected a suggestion by MPs that its purchase of 318 RBS branches last year was a “missed opportunity” to improve the competitiveness of high street banking in Britain. “’The deal to buy the RBS branches was approved by the EU. Santander is a challenger bank in the UK, not an incumbent,” a [...]
CITY MOVES | WHO’S SWITCHING JOBS April 3, 2011 Bibby Financial Services The invoice finance specialist has appointed Andy Leopold as sales director for the south, based in London. Leopold, who has been promoted from the role of sales director for London and Hastings, brings more than 19 years’ experience working in the financial services sector. He will be responsible for securing new business [...]
Taking a punt on FTSE 250 companies April 3, 2011 THERE are tax, leverage and other advantages to using spread betting to get exposure to equities. For some investors, of course, these benefits may not offset the time and skill needed to negotiate the spread betting markets. However, some markets are easier than others to manage, with the FTSE 250 the best place to start. [...]
Denmark could teach Ireland a lesson March 31, 2011 SO Ireland’s banks need another €24bn if they are to become strong enough to withstand another shock. It is a fiscal catastrophe of immense proportions to which the European establishment doesn’t seem to have much of an answer, at least not right now. But if you want to see how to really deal with troubled [...]
BORIS Vs BLOOMBERG March 31, 2011 BORIS Johnson yesterday hit back at New York mayor Michael Bloomberg, accusing him of trying to pinch London-based Barclays bank. Johnson said it would be a “tragedy” if London were to lose Barclays, and pointed out the bank had shown its commitment to the capital by sponsoring his flagship “Boris bike” cycle hire scheme. “This [...]