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Banking
Banco Sabadell rejects BBVA’s €12 billion takeover bid
Banco Sabadell, a Spanish lender, has rejected BBVA's €12bn bid for its takeover. The proposed deal is "significantly below" the value of its own growth prospects.
Last week BBVA made a surprise bid for Sabadell. They said the merger of…
Investors can benefit from a NatWest bonus share plan
Retail investors may receive a bonus share of NatWest if hold the stock for more than a year. This is part of plans by ministers to privatise some government shares of the bank in a Tell Sid style.
The plan is to sell NatWest shares in a…
Lloyd’s Insurance acknowledges losses in Baltimore Bridge Crash
The Baltimore Bridge collapse has caused two of the largest players on the Lloyd's of London Insurance market to announce that they will be affected.
Hiscox informed investors that the company expected to incur a "moderate loss" from the…
Barclay Family’s Abu Dhabi supporters plot Very Auction
Barclay's Gulf-based supporters are plotting to sell the Very Group, which is the last pillar in their corporate empire.
The Abu Dhabi investment company that tried unsuccessfully to buy Barclays media assets last summer is now planning…
General Catalyst, Silicon Valley’s tech startup fund, closes on a $6bn target
General Catalyst, one of Silicon Valley's largest venture capital firms, is poised to raise almost $6bn in order to invest in start-ups. This shows that the sector can still attract investors despite a recent fundraising drought.…
Competition for mortgages and deposits has impacted on the profits of Lloyds
In the first quarter of this year, the increased costs and competition in deposits and mortgages slashed the profits at Lloyds Banking Group.
The pre-tax profit at Britain's largest domestic lender fell by 28 percent to £1.63bn compared…
Bank of England warns lenders about private equity risks
In its most recent warning, the Bank of England found that some banks were unable to quantify the exposure they have to private equity. The industry, which is worth $8tn, could pose a threat to the financial system as a whole.
Rebecca…
Bank of England chief economist dampens summer interest rate cut hopes
After the Bank of England chief economist warned against reducing interest rates too early and said that inflation had to be squeezed from the economy, the prospects of an interest rate cut this summer have diminished.
Huw Pill expressed…
Bank of England raises alarm over private equity sector
Bank of England warns that mounting pressure on the £6.5 trillion (£6.5 billion) private equity sector could lead to a crunch, which would cause banks to suffer large losses and trigger a crisis in the real economy.
Regulators are…
Coventry Building Society offers £780m for Co-operative Bank
Coventry Building Society made a tentative offer of £780m for the Co-operative Bank to its hedge fund owners. This could be the latest takeover among UK lenders.
The offer comes after nearly 4 months of exclusive discussions, which…
Bank of America’s profits are hit by bad loan write-offs
The second largest bank in America wrote off $1.5 Billion of bad loans during the first quarter of this year, due to mounting losses on credit cards as well as its exposure to the faltering office market.
Bank of America reported that…
Wise’s growth is below expectations
Wise's fortunes have been shattered by disappointing revenue and a slowdown in growth of the volume of transactions made on its platform.
Payments company announced that their fourth-quarter revenue had increased by 24 percent…
Thames Water owes millions of dollars to Chinese state-backed bank
The financial crisis that has engulfed Thames Water is largely due to two Chinese state-owned banks.
Bank of China and Industrial and Commercial Bank of China were among the lenders who backed a £190-million loan that Kemble Water…
London Market Outlook is bleak according to a banker who deals with British mid-caps
According to the boss of one of London's largest independent investment banks, the capital markets will be "dead", if current trends continue.
Peel Hunt's chief executive Steven Fine said that the London market for initial public…
Bank of England warns that private equity binge could trigger financial crisis
The Bank of England warned that the private equity industry poses a threat to financial stability, as it launched a review of this $8 trillion ($6.3 trillion) sector.
Officials are worried about the value assets such as commercial…
UBS sells $8bn in loans to Apollo
UBS agreed to sell loans worth $8bn to private capital group Apollo as it wind down its investment bank related to the acquisition of Credit Suisse in 2013.
Apollo originally agreed to buy Credit Suisse's securitised product division in…
Bank of England: Delaying interest rate reductions will weaken the UK economy
A report warns that the UK economy is headed for a slow recovery after the recession, and the Bank of England may compound this weakness by maintaining interest rates at an unsustainable level for too long.
KPMG predicts that the economy…
Nationwide says that a vote by members on the Virgin Money £2.9bn deal would violate takeover rules.
Nationwide claims it cannot give its building society members the right to vote on its £2.9bn purchase of Virgin Money due to City takeover regulations.
The lender announced the acquisition on Friday and said that it had been able to…