Retailers back increase in contactless payment limit as transactions jump August 1, 2017 Retailers would back raising the contactless spending limit as the ultra-fast system for processing payments has pushed up transactions. Research released by Barclaycard today has found three-quarters of retailers who have introduced contactless payments into shops have experienced an uplift in transactions of 30 per cent on average. Read more: Is bPay a flop? Barclays' [...]
Asset manager Pemberton launches new debt strategy to fill funding gap left by banks July 5, 2017 Pemberton, a UK-based asset manager backed by insurance giant Legal & General, has launched a new private debt strategy to fund mid-market companies. The “strategic credit opportunities” strategy differs from Pemberton's previous offerings as it will provide junior capital, as well as senior. The junior capital, which has a lower repayment priority in event of [...]
Lloyds has unveiled a massive shake-up of its top team July 5, 2017 Lloyds Banking Group has revealed how it is preparing itself for its new strategic plan: a huge shake-up of its top team, which includes the departures of two of its senior executives. In a statement today the lender said Andrew Bester, the group director of its commercial banking team, and Simon Davies, its chief people, [...]
Big UK banks slip down in global ranking, but Metro and the challengers make ground July 3, 2017 Big UK banks are suffering compared with international rivals, according to a ranking of the world’s 1,000 largest lenders out today. HSBC remains Britain’s biggest bank in the global ranking, coming in ninth for the second year in a row. However, the lender – which topped the 2008 ranking – suffered its worst result in [...]
The new voice of British banking: UK Finance launches today with new board members revealed July 3, 2017 The British finance industry will be publicly represented from today by a single new body, UK Finance, after the merger of six separate lobby groups. The new body, which officially starts operations today at Angel Court, behind the Bank of England, will represent over 300 British firms providing credit, banking, markets and payments services. The [...]
What is euro clearing? Why is it so important to Canada? All your clearing questions cleared up June 14, 2017 Euro clearing has hit the headlines in recent days, but what is it and why is it so important to Canada? We’ve answered all your questions… Read more: London’s euro clearing market at risk as Brussels sets out rules shake-up What is euro clearing? Clearing is the process through which financial transactions [...]
Lloyds Bank completes £1.9bn MBNA credit card deal to “strengthen” position in the UK June 1, 2017 Lloyds Bank today completed its £1.9bn takeover of credit card firm MBNA from Bank of America. The deal to buy MBNA is the first transaction by Lloyds since the financial crisis. The last major transaction by Lloyds was its ill-fated purchase of HBOS in 2008. The UK government sold its final shareholding in Lloyds last [...]
Victorious private equity consortium wins shareholder approval to take over Shawbrook bank April 10, 2017 The private equity consortium which launched a drawn-out takeover attempt of Shawbrook bank has finally emerged victorious, passing the shareholder acceptance threshold for its offer. BC Partners and Pollen Street Capital have walked away with a total of 75.6 per cent of Shawbrook's shares – well over the 50 per cent they needed to win [...]
Classic cars, booze and planes: FCA gives investors in HNW Lending tax-free status March 20, 2017 A peer-to-peer lender offering a high-net-worth pawnbroking service has been given the green light by regulators to market a specialist type of Isa to investors. HNW Lending connects borrowers with valuable assets to investors seeking a greater rate of return. Borrowers must hand over their assets, which in the past have included classic cars, planes or [...]
Banks don’t want a red tape Brexit bonfire, but lower taxes would sweeten the deal March 20, 2017 Banks are calling on the government to slash taxes for the sector to sweeten the deal for Brexit and ensure the country remains competitive. Research carried out for the British Bankers' Association (BBA), which was published in November, revealed banks' collective tax bill had shot up to £34.2bn for the year to March 2016, up 3.6 per cent compared [...]
