Italian parliament approves €20bn bailout plan for banks, as Monte dei Paschi’s shares tank on liquidity warnings December 21, 2016 Italy's parliament has today signed off a government proposal for a potential €20bn (£16.8bn) bailout for the country's banks, according to various reports. Italy's banking sector has found itself in hot water in recent years, burdened by billions of euros in non-performing loans. First in line for a cash boost is likely to be the country's oldest [...]
Atom banks on consumers’ dis-appisfaction with traditional retail banks December 21, 2016 The launch of Atom bank earlier this year was a watershed for both the finance and technology sectors. It is the first British bank with no branches and no call centres as everything is done through an app on customers’ phones. Around 30,000 people have signed up for Atom so far. While these numbers by [...]
Expecting RBS profits is living in a fool’s paradise December 21, 2016 In just 10 days from now you will likely find yourself celebrating the end of 2016, and the start of a new year. If your headache the following morning isn’t bad enough, consider this – a decade earlier, on 1 January 2007, a share in the Royal Bank of Scotland was worth £55.80. Today, its [...]
Ex-Deutsche Bank trader accused of manipulating markets by Russian central bank December 20, 2016 A former employee of Deutsche Bank's Russian division was accused today of manipulating markets to pocket himself and three of his relatives a profit of 255m rubles (£3.4m) over a two and a half year period. Russia's central bank claims Yuri Khilov, while acting on behalf of Deutsche's London branch, carried out 300bn rubles worth of trades [...]
NatWest and RBS mobile banking apps hit by technical problems December 20, 2016 RBS and NatWest have assured customers that its mobile banking is now running as normal after after experiencing technical problems that left people unable to use the service.. RBS had been tweeting customers directly on Twitter saying it is aware of some issues and that it was working to fix them. NatWest, owned by RBS, also experienced [...]
Italy wants €20bn for bank bailouts as Monte dei Paschi struggles December 20, 2016 The Italian government is seeking parliamentary approval to borrow €20bn (£16.8bn) in order to prop up the country's struggling banks. The first institution in line for a bailout is likely to be the beleaguered Monte dei Paschi, which must get rid of a book of bad loans and raise €5bn in capital by the end [...]
Lloyds Banking Group snaps up Bank of America’s MBNA credit card firm for £1.9bn in first acquisition since financial crisis December 20, 2016 Lloyds Banking Group has beaten off other bidders to snap up Bank of America's UK credit card company MBNA for £1.9bn, in its first acquisition since it was bailed out by taxpayers in 2008. The UK lender emerged as the frontrunner to take over MBNA, which holds assets of £7bn, in late November. The takeover is a [...]
Regulation, regulation, regulation: What to expect in 2017 December 20, 2016 You don't need us to tell you it’s been a year for surprises. Referenda in the UK and Italy, coupled with the result of the US election, have created huge uncertainty and widespread anxiety among businesses. While we ponder what Brexit really means, one thing everyone wants on their New Year’s wish list is more [...]
Weary RBS investors demand £1bn in compensation for 2008 rights issue disaster December 20, 2016 More than 27,000 RBS shareholders nearly wiped out in the bank’s 2008 rights issue are due compensation of up to 94.5p in the pound, or more than £1bn, according to an independent report commissioned by the investors and seen by City PM The shareholders, part of the RBS Shareholder Action Group, are heading to court [...]
Fiver producer Innovia Group sold in meaty £680m deal with Canadian giant December 20, 2016 Here's another big deal worth, ahem, noting: Innovia Group, supplier of the Bank of England’s new plastic five pound note that has come under fire for containing animal fat, has been snapped up by a Canadian label and packaging maker in a CA$1.13bn (£680m) move. The UK-based company makes specialty bi-axially oriented polypropylene films used for [...]
