A stroke of genius: How to get a loan by securing against art November 30, 2017 The world was stunned earlier this month when a 500-year-old Leonardo da Vinci painting smashed the world record by fetching $450m at auction. This figure might sound absurd, but understanding the multitude of factors that determine the value of art will remain a mystery to many of us. “Art is very personal,” says Freya [...]
What will innovation look like in 2018? Bird & Bird’s Digital Innovators tell us all about the year ahead November 24, 2017 In a year when quantum computing made major leaps forward and using your face as a password became a reality, you’d be forgiven for being hard pushed to imagine just how much further technology can take us. But 2018 will certainly be a year for driving even more innovation for the 50 up-and-coming companies chosen [...]
Deutsche Bank opts for Barclays, Citigroup and Credit Suisse to be senior bookrunners on its asset management arm IPO, Reuters reports November 11, 2017 Deutsche Bank has chosen Credit Suisse, Barclays and Citigroup to be the senior bookrunners for the flotation of its asset management unit, according to reports. A source close to the matter told Reuters Deutsche Bank had selected the heavyweight lenders to assist the initial public offering, though a spokesman for Deutsche Asset Management declined to [...]
Challenger bank Aldermore recommends £1.1bn takeover offer from FirstRand | City A.M. November 6, 2017 After a month that has seen its share price rocket, Aldermore finally announced this morning that it would recommend a takeover offer from South Africa’s FirstRand valuing the business at £1.1bn. FirstRand, which with a £15.8bn market value is South Africa’s largest financial services institution, announced in October that it had made an approach to [...]
Rate rise will not leave challenger banks exposed says Hampshire Trust chief executive Mark Sismey-Durrant as profits surge October 16, 2017 A widely expected interest rate rise from the Bank of England will not leave the specialist lending sector exposed, according to the chief executive of a challenger bank which has seen profits surge in the last year. Hampshire Trust Bank recorded rapid profit and loan book growth in the first half of 2017 said its [...]
Wells Fargo share price falls after it says it took a $1bn legal hit in the third quarter October 13, 2017 US lender Wells Fargo took another hit from the fake accounts scandal that enveloped it last year, as legal costs topped $1bn in its third quarter. The figures Revenues fell two per cent to $21.9bn (£16.5bn) in the three months to the end of September, it said today, while net income fell to $4.6bn, from [...]
UK mortgage lending is (almost) at its highest level since April 2008 September 26, 2017 Mortgage lending rose to its second highest level since April 2008 in August, new figures have shown. The figures, by UK Finance, showed total gross lending rose to £24.2bn in August, up 6.4 per cent from last month. The figure is the highest since March 2016, when an impending hike to stamp duty on buy [...]
Bank of England to make banks add £10bn buffer to cover consumer credit and warns on Brexit derivatives risk September 25, 2017 The Bank of England today issued its strongest warning yet on the fast-expanding consumer credit sector, with financial stability experts at Threadneedle Street saying banks must hold another £10bn to cover potential losses. Losses across the whole consumer credit sector could reach £30bn – £10bn higher than previous estimates – under the stress test scenario [...]
Power to the people: Meet the P2P lender that uses a centuries-old way of lending September 21, 2017 Think back to 2001 when the Foot and Mouth epidemic raged across the UK. The outbreak led to the culling of thousands of animals, not to mention the loss of billions of pounds. It certainly took its toll on agricultural, leisure and tourism sectors over the years, and many needed funds to revitalise their business. [...]
Charter Court Financial Services is set to announce plans for £500m float in London | City A.M. September 3, 2017 Buy-to-let mortgage lender Charter Court Financial Services is expected to reveal a £500m initial public offering (IPO) on the London Stock Market, according to reports. The owner of Exact and Precise mortgage brands could announce plans for a float as soon as this week with a market value of about £500m, Mark Kleinman at Sky [...]