American bank Citigroup has today announced it is to sell an equity stake worth almost 5% of its business to the Abu Dhabi Investment Authority, an Abu Dhabi-based publicly owned investment fund, in a move that sees yet further oil-rich interest in more traditional investment channels. The move will see the fund become the largest [...]
Mike Smith, ANZ’s chief executive, has called for the demise of the Australian four pillars banking policy, to enable the country’s banking sector to compete with Asian banks. The policy prevents the largest banks from merging and has, in Smith’s opinion, led to an inward looking culture. He believes that the banks will become marginalised [...]
Analysts believes that the New Year success of the Thai economy depends on the smooth handover of power from the current military regime to a democratically elected leader. The 2008 economic outlook is contingent upon December elections followed by sound economic policies, according to the Asian Development Bank. Confidence in both the consumer and business [...]
Transforming Northern Rock’s fortunes would be difficult, but ultimately successful, a member of Sir Richard Branson’s consortium (which seeks to take over the ailing bank) has said. Sir George Mathewson has previously held the posts of chairman and chief executive of the Royal Bank of Scotland, and made his comments as it become apparent that [...]
From November 30th bank customers will be able to rely on cheques which have been paid into their accounts clearing within six days. Currently, banks can reclaim money from a customer’s account if a cheque bounces or is a forgery. The money can be reclaimed weeks or months after the event, leading to a situation [...]
Citigroup, the world’s largest bank, has plans to implement major job cuts before the end of the year. It will be the second time this year that the bank has reduced staff in efforts to increase profitability and offset billions of dollars of losses in the US sub-prime mortgage crisis. Details of the latest round [...]
Consumer groups have today doubted the latest round of revisions to the Banking Code, the body of voluntary agreements between banks, deposit holders, lenders and credit card companies throughout the UK in relation to consumer finance, suggesting that they don’t do enough to tackle current banking issues. Groups today called for more heavy handed government [...]
Industry regulator the Financial Services Authority has today announced it is embarking on a crackdown of unscrupulous mortgage lenders and lending practices which have been uncovered in the industry, particularly in selling heavy mortgages to those that can least afford them. Speaking today on the state of the mortgage industry the Financial Services Authority said [...]
International Financial Services London has appointed a new chief executive: Sir Stephen Wright. Recently Sir Stephen served as the British ambassador to Spain, and has a high level of talent in both promoting business and international diplomacy. The IFSL’s chairman, Lord Levene, praised Sir Stephen’s wide experience and in-depth knowledge of the EU and Brussels, [...]
Florida Traditions Bank will open for business on 10 December of this year. The new bank begins life with $20m from local investors and businessmen, and expects to lend to small businesses and farms, according to its president, Bud Stalnaker. In addition, the bank will deal in home and auto loans and checking accounts. Stalnaker [...]
Virgin Group’s position as head of the consortium named today as preferred bidder for Northern Rock could already be in jeopardy. Olivant, the investment group headed by Luqman Arnold, former chief executive of Abbey National, is reported to be holding formal talks with the bank later today. The plan proposed by Mr Arnold and his [...]
The ex-Vice President of Bank of America, Robert Conner, is going on trial. Conner, who held the responsibility for expanding the bank’s minority customer base, occupied his time by trading thousands of dollars of credit for backhanders. The machinations have led to a total of 21 individuals being implicated and subsequently charged in connection with [...]
PricewaterhouseCoopers (PwC), the accountancy firm, is forecasting a rise in insolvencies during 2008. The number of people declared insolvent has decreased in the past year, as has credit card debt. The latter did increase in September, but this was the first monthly rise for a year. However, PwC expects consumers to start using their credit [...]
Knight Vinke, the thorn in the side of HSBC, has accused the bank of making major losses in its Chinese business. The asset management firm and leader of a shareholder revolt at HSBC, has pointed out that although the bank’s total Chinese profits stood at $903 million in 2006, $986 million was attributable to associates. [...]
A consortium led by Sir Richard Branson’s Virgin Group is on the verge of acquiring Northern Rock, the stricken mortgage lender. Talks have been taking place over the weekend and it is expected that the consortium will be named as preferred bidder today. If the bid is successful, Virgin Money, Virgin group’s personal finance business, [...]
UK based mortgage lender Kensington Mortgages is ceasing to trade in the sub-prime mortgage business amidst the the credit crunch fallout that has rocked global capital markets over the course of the summer months. Sub-prime mortgages are offered to those with deficient credit history looking to climb the property ladder. While the chances of borrowers [...]
Citigroup and HSBC have today had a bid confirmed for Kelda, the UK’s third largest water utility, in a move valued at £3 billion that would see the company owned as a subsidiary of the joint venture between the two investment partners. Kelda, which provides water and sanitation services throughout Yorkshire under Yorkshire Water was [...]
A less than subtle eviction notice was how Rebecca Vazquez described the tree that has crushed her kitchen. For more than a year Vazquez has been a resident in a homeless camp in South Raleigh that exists in 25 acres of woodland that is owned by First Citizens Bank. The bank wants the trees thinning [...]
