Cruz Loses Post At Morgan Stanley
by Stewart Douglas
Story link: Cruz Loses Post At Morgan Stanley
Leading investment bank Morgan Stanley has today announced that its joint president Zoe Cruz is to retire in the wake of its sub-prime losses, in a move thought to be the latest in a succession of top investment managers sacked over the third quarter results.
The 52 year old have been widely expected to become the […]
JC Flowers Hit Back In Fight For Northern Rock
by Stewart Douglas
Story link: JC Flowers Hit Back In Fight For Northern Rock
Private equity group JC Flowers have today announced they are looking to re-enter the bidding from troubled lender Northern Rock, by approaching with a bid on flexible terms regarding the contentious issue of whether to maintain the bank’s listing on the FTSE exchange.
The American based equity house, run by ex-Goldman Sachs employee Chris Flowers had […]
First repurchase rate set by UAE central bank
by Richard Kilner
Story link: First repurchase rate set by UAE central bank
The UAE central bank has effectively raised borrowing costs by setting its overnight repurchase rate to 4.75%. It is presently under pressure to lower rates to enable it to maintain its currency peg to the US dollar.
There is no benchmark interest rate in the UAE, and had previously changed interbank borrowing rates through the sale […]
Islamic banking conference continues to grow in size and importance
by Richard Kilner
Story link: Islamic banking conference continues to grow in size and importance
Over 1,000 representatives of the world’s most important Islamic financial institutions will assemble in Bahrain for a conference.
It will be the 14th World Islamic Banking Conference, which is held annually, and is to be held from 8 to 10 December, in the Gulf International Convention Centre.
David McLean, Mega managing director, pointed out the swift growth […]
Virgin reject hedge fund stakeholders objections to Rock bid
by Richard Kilner
Story link: Virgin reject hedge fund stakeholders objections to Rock bid
The Virgin consortium that has bid for struggling bank Northern Rock, and been named as the bank’s favoured bidder, has retaliated against the hedge fund stakeholders who claim that the offer materially undervalues the bank and who are seeking to prevent the bid from being successful.
The chief executive of Quayle Munro, Peter Norris, who advises […]
A&L secures £4 billion Credit Suisse loan
by Gill Montia
Story link: A&L secures £4 billion Credit Suisse loan
Alliance & Leicester (A&L), the mortgage bank that this week warned that 2007 profits would be below market expectations, has borrowed £4 billion from Credit Suisse.
The bank’s chief executive, David Bennett, reported that the loan meant the bank was now fully funded “comfortably” into 2008.
In its unscheduled trading update yesterday, A&L announced that it would […]
Banks Shy From Unsecured Credit
by Stewart Douglas
Story link: Banks Shy From Unsecured Credit
The number of retail lenders offering unsecured personal loan products in the UK market has decreased according to a report released today by research house Moneyfacts, in a move branded as ‘worrying’ in terms of overall market trend shifts.
In the report released today by Moneyfacts the number of lenders providing unsecured short term finance had […]
NatWest Three Plead Guilty For 37 Month Jail Term
by Stewart Douglas
Story link: NatWest Three Plead Guilty For 37 Month Jail Term
The three former bankers dubbed the ‘NatWest Three’ have today learned they are to face a custodial sentence of up to 37 months for their part in fraud allegations surrounding the high profile Enron case after having offered a guilty plea as part of a mitigation process.
The former NatWest bankers, all of whom have rigorously […]
Unsecured loan providers withdraw from market
by Gill Montia
Story link: Unsecured loan providers withdraw from market
Moneyfacts.co.uk, the financial search engine, has published November figures showing a 10% decline in the number of unsecured loans available.
This week Hanley Economic BS and Eskimo loans (which is funded by Northern Rock) withdrew from the market, having followed GE Money, Leeds BS and Liverpool Victoria, the friendly society.
According to Moneyfacts, the trend reflects increased […]
Espirito to open office in DIFC
by Richard Kilner
Story link: Espirito to open office in DIFC
Espirito Santo Financial Group announced yesterday that ES Bankers (Dubai) Limited (ESFG’s subsidiary) has been given a licence to operate in the Dubai International Finance Centre (DIFC) by the Dubai Financial Services Authority.
ESFG is a Luxembourg-based firm with its principle insurance and banking operations occurring within Portugal.
Dubai’s closeness to other Gulf states and its attractive […]
US banks hit by loan losses
by Richard Kilner
Story link: US banks hit by loan losses
US banks and thrifts have seen their earnings tumble by 24.7% in the third quarter (on a year-by-year comparison), falling to the lowest point since 2002.
Loan loss provisions are the highest they have been for 20 years, having reached $16.6bn this year compared to a mere $7.5bn this time in 2006.
Loan repayment difficulties continue unabated, […]
Hedge fund seeks to head off Rock bid
by Richard Kilner
Story link: Hedge fund seeks to head off Rock bid
SRM Global, the leading shareholder of beleaguered bank Northern Rock, has added to its stake for the second consecutive day, building pressure on the favoured status conferred on Virgin Group’s bid by the bank.
SRM’s stake in the firm has increased from 8.5% to 9.1%. A day earlier the hedge fund had increased its share from […]
Consumers seek out IFAs
by Gill Montia
Story link: Consumers seek out IFAs
Unbiased.co.uk, the financial information website, has reported a sharp increase in the number of consumers seeking out independent financial advisers (IFAs).
Between July and September of this year over 33,000 potential investors and borrowers contacted Unbiased.co.uk with a view to using an IFA.
The figure represents a 17% increase on the March to June quarter of 2007, […]
A&L profit warning sparks bid rumours
by Gill Montia
Story link: A&L profit warning sparks bid rumours
Alliance & Leicester (A&L), the UK mortgage bank, has issued a trading update in which it states that it will be taking a £55 million impairment charge on its Treasury investments and that the group’s other assets have fallen in value by £101 million.
The £55 million comprises a £40 million charge on the value of […]
NatWest Three Prepare To Face Trial
by Stewart Douglas
Story link: NatWest Three Prepare To Face Trial
The three former UK bankers charged with committing fraud in connection with the Enron case will today appear before a court in the US having been extradited, to be tried under the law of Texas in a Houston courtroom after much debate as to their case.
The trio, branded the NatWest Three, will appear in Houston […]
Mortgage Arrangement Fees Double Since 2005, Say Moneyfacts
by Stewart Douglas
Story link: Mortgage Arrangement Fees Double Since 2005, Say Moneyfacts
The cost of arranging the average mortgage in the UK has skyrocketed by almost 100% over just 24 months, according to shocking findings published today by research house Moneyfacts, which examined a range of mortgage lenders and brokers across the UK and the products they sell.
The average cost of arranging a mortgage in the UK […]
EIB opens a regional office in Sydney
by Richard Kilner
Story link: EIB opens a regional office in Sydney
Jean-Louis Biancarelli, a senior executive at the European Investment Bank, has stated that the bank will be opening a regional office in Sydney.
Biancarelli described the move as an important step in more closely integrating the Pacific and European areas during an era when globalisation, environmental concerns and renewable energy are high on the agenda.
Recently the […]
Non-bank lenders become less popular
by Richard Kilner
Story link: Non-bank lenders become less popular
Non-bank lenders have passed on their increased funding costs to the consumer, creating lower customer satisfaction ratings in September.
Research conducted by Nielsen has uncovered the fact that approval for non-bank lenders, with the exception of Wizard, have suffered heavily in the wake of the credit crunch.
RAMS has seen a fall of 5.5 points in the […]
Barclays report good performance
by Richard Kilner
Story link: Barclays report good performance
Yesterday Barclays issued its trading update, increasing speculation regarding the Royal Bank of Scotland’s upcoming statement which is due on 6 December.
Barclays’ update has been seen as reassuring, with analysts saying that the reasonably good UK retail information was probably generally applicable to what the RBS would have to say.
Barclays also had a good showing […]
Personal debt worries afflict ten million
by Gill Montia
Story link: Personal debt worries afflict ten million
The financial website, uSwitch.com, has published details of a survey that shows the extent to which the nation is gripped by personal debt.
According to the survey, over ten million adults believe they cannot cope with rising mortgage payments and other debts.
Twenty-three per cent of respondents expressed the fear that their current level of borrowing […]
