‘When markets are weak, that’s the time to strike’: FinnCap poised for deal offensive after Cenkos tie-up March 24, 2023 The boss of London-listed investment bank and brokerage FinnCap said the firm was gearing up for a deal offensive this year after announcing a £42m tie-up with rival Cenkos Securities yesterday. FinnCap is among a host of the City’s broking and advisory firms hit by a slowdown over the past 12 months as markets were [...]
‘The UK has real strengths’: Deutsche Bank CEO Tiina Lee on Brexit, Canada and Edinburgh reforms March 24, 2023 Canada has been facing a crisis in confidence recently with a string of stories suggesting London no longer holds its edge as a world-leading financial sector. But despite hand-wringing in the City – particularly following ARM’s decision to list in New York – Deutsche Bank UK’s CEO Tiina Lee cautioned against this [...]
Why have UK banks been insulated from US panic? Regulation, regulation, regulation March 24, 2023 Regional lenders in the US have been in the spotlight since the collapse of Silicon Valley Bank (SVB) with investors concerned they might be at risk from an avalanche of deposit flights. Since the collapse of SVB and Signature, shares in the US KBW regional banks index have fallen over 10 per cent. In the [...]
European banks slide as concerns remain over health of financial sector following US bank sell-off March 23, 2023 European banking stocks slid again on Thursday, following a sell-off in the US on Wednesday, as investors remain nervous about the health of the financial sector. European banks were mostly in the red around midday: French banks Socgen and BNP Paribas fell 1.6 per cent, Deutsche Bank slipped 1.5 per cent while Commerzbank fell 3.1 [...]
Livin’ la vida CoCo not possible in circumstances: Regulator defends AT1 wipe out in Credit Suisse merger March 23, 2023 The Swiss banking regulator defended its decision to wipe out alternative tier 1 (AT1) bondholders – also known as CoCo bonds – in the merger of UBS and Credit Suisse. In a statement put out today, Finma said Credit Suisse’s coco bonds could contractually be completely written down in a ‘viability event’, particularly if there [...]
Can Tulip Siddiq get Labour’s City plans blooming? March 23, 2023 Labour's Shadow City minister talks facing off against her opposite number and the struggle for the Square Mile.
Rival brokers FinnCap and Cenkos Securities merge to make City’s largest mid-tier investment bank March 23, 2023 Rival brokers FinnCap and Cenkos Securities have agreed an all-share merger which will create the City’s largest investment bank focusing on small cap growth companies. Together the combined company has expected revenue of more than £50m and over £20m on its balance sheet. Both companies’ shareholders will hold 50 per cent of the equity in [...]
When is the Bank of England interest rate decision and what is going to happen? March 23, 2023 The Bank of England is going to deliver its interest rate decision today against the backdrop of a shock rise in inflation and a now becalmed banking mini-crisis. Before Wednesday’s surprise increase in inflation to 10.4 per cent, there was speculation about whether the Bank’s decision making body, the Monetary Policy Committee (MPC) would raise [...]
Mark Kleinman: This crisis feels far from over March 23, 2023 Deal of the century or dud of the decade? UBS’s government-orchestrated swoop on Credit Suisse, its historic rival, was one of those moments in global finance that will be debated long after any of those involved in have retired to their lives of Alpine luxury. Make no mistake: this was a state bailout masquerading as [...]
UBS set to benefit from Credit Suisse deal as dust settles on dramatic acquisition March 22, 2023 Analysts were increasingly convinced that UBS’ acquisition of Credit Suisse had the potential to create long-term value for the newly merged entity. Bank of America’s Alastair Ryan said: “The industrial logic is impeccable: Credit Suisse was the closest competitor to UBS in wealth management and Switzerland; and both banks are heavy in Swiss central costs. [...]
