FSA reviews protection for temporary high balances
by Gill Montia
Story link: FSA reviews protection for temporary high balances
The Financial Services Authority (FSA) is proposing changes to the Financial Services Compensation Scheme (FSCS) that will provide extra protection for people who have high deposit balances in their bank accounts for up to six months.
Under the current FSCS regime, the maximum deposit protected is £50,000 per individual, per financial institution.
However, the FSA is mindful [...]
Equity Bank expands into Uganda
by Richard Kilner
Story link: Equity Bank expands into Uganda
Equity Bank has expanded into Uganda in the form of Equity Bank Uganda Limited and aims to make banking accessible to all Ugandans.
Managing director of Equity Bank Uganda, Charles Nalyaali, stated at its launch that the firm was dedicated to serving both individuals and corporations within Uganda by providing them with affordable financial products.
Equity Bank [...]
Greenhill hires Chicago MD
by Richard Kilner
Story link: Greenhill hires Chicago MD
Independent investment bank Greenhill & Co., Inc. has announced the appointment of Robert K. Collins as managing director in the firm’s Chicago office.
Collins will be tasked with leadership of the firm’s infrastructure sector advisory effort in the Americas.
Previously he worked for Morgan Stanley as MD and leader of Infrastructure Investment Banking for the Americas.
During the [...]
Lloyds survey shows public expecting rising prices
by Richard Kilner
Story link: Lloyds survey shows public expecting rising prices
The March results of the Lloyds TSB Corporate Markets Consumer Barometer have been released, and reveal that consumers are predicting higher prices over the course of the next 12 months.
In addition, those surveyed also believe that interest rates, presently at a record low of 0.5%, will increase.
Two thousand consumers responded to the survey, with 51% [...]
Britons repay record levels of debt
by Gill Montia
Story link: Britons repay record levels of debt
Figures from the Bank of England show that Britons repaid record levels of unsecured debt during February.
Consumers unburdened themselves of a net £245 million of borrowings during the month, the highest level of repayment since records began in 1993.
The figure stands in stark contrast to a year earlier, when borrowers took on an extra £2.1 [...]
Barclays shuns Asset Protection Scheme
by Gill Montia
Story link: Barclays shuns Asset Protection Scheme
Barclays has chosen a path of self-determination once again, having declined participation in the Treasury’s Asset Protection Scheme, which allows banks to insure against losses on bad loans and investments.
The group also shunned the bail-out offered by the Government in October of last year, preferring instead to raise capital from existing investors in the Middle [...]
Building societies report record receipts
by Gill Montia
Story link: Building societies report record receipts
The Building Societies Association (BSA) has reported that net receipts stood at £1.59 billion in February, the highest amount on record for the month and up 18% on a year earlier.
However, the Association’s members also saw net withdrawals of £108 million from cash ISAs last month, compared to net receipts of £130 million in February [...]
Cowen hires two new MDs
by Richard Kilner
Story link: Cowen hires two new MDs
Cowen Group, Inc. has announced that its Capital Markets Group has been enhanced with the addition of two new managing directors.
David Bohn and Grant Miller will both be based at the firm’s New York office, and be directly responsible to Capital Markets chief Jonathan Biele.
Bohn has left behind Citigroup, where he worked as a Private [...]
CBI predicts 15,000 financial sector job losses in Q2
by Gill Montia
Story link: CBI predicts 15,000 financial sector job losses in Q2
The Confederation of British Industry (CBI) is predicting that a further 15,000 jobs will be lost in the UK financial services sector over the next three months.
The body’s chief economic adviser, Ian McCafferty, comments: “Conditions remain exceptionally tough in the financial services sector, and have not been helped by equity markets having fallen since [...]
Blackstone expands into France
by Richard Kilner
Story link: Blackstone expands into France
The Blackstone Group has opened a new office in Paris, and announced the appointment of Jean-Michel Steg as a senior managing director.
Steg spent over a decade and a half with Lazard Freres in New York and Paris prior to becoming managing director of BZW
investment bank.
During his career he has also worked for Donaldson, Lufkin & [...]
Lloyds proposes above inflation pay rises
by Gill Montia
Story link: Lloyds proposes above inflation pay rises
Lloyds Banking Group is reported to be planning annual staff pay awards above the level of inflation.
According to The Sunday Times, the bank is proposing to give workers a 5% rise this year, despite the fact that the Retail Prices’ Index showed inflation falling to zero last month.
In February, Lloyds which at that point was [...]
Nationwide takes over Dunfermline Building Society
by Gill Montia
Story link: Nationwide takes over Dunfermline Building Society
Nationwide Building Society has acquired certain assets of Dunfermline, Scotland’s largest building society.
The transfer of part of the lender’s mortgage book, deposits of around £2 billion and 34 branches has already taken place, using new powers under the Banking Act.
The taxpayer will be lumbered with around £1 billion of risky debts and assets.
Reports that the [...]
Tesco to open 30 in-store banks
by Gill Montia
Story link: Tesco to open 30 in-store banks
Tesco is proposing to open bank branches in 30 of its stores, by the end of this year.
The supermarket giant first indicated its ambitions in the banking sector in July of last year, after it became sole owner of Tesco Personal Finance (TPF), previously a 50/50 joint venture with Royal Bank of Scotland.
TPF already offers [...]
Dunfermline Building Society up for auction
by Gill Montia
Story link: Dunfermline Building Society up for auction
Dunfermline Building Society has collapsed.
Prime Minister Gordon Brown has reassured savers that their deposits are safe and what remains of the 140-year-old institution is to be sold.
The society operates through 34 branches plus a number of agencies, employing around 500 staff.
It has over 250,000 savers and 35,000 borrowers and a savings book of £2 billion.
According [...]
Internet fraudsters publish 19,000 credit card details
by Gill Montia
Story link: Internet fraudsters publish 19,000 credit card details
The credit card details of up to 19,000 Britons have appeared on the internet, apparently locatable by a simple Google search.
Publication of the details, which included names and address, is believed to have been an error on the part of a criminal gang from the Far East that intended to sell the data.
Instead it could [...]
Banks unite for Earth Hour
by Richard Kilner
Story link: Banks unite for Earth Hour
Banks across the world have indicated their willingness to take part in the World Wildlife Fund’s Earth Hour 2009.
The Earth Hour takes place on 28 March and will involve thousands of individuals and companies who will switch their lights off for an hour as a measure of support for the environment.
Jim Johnston, director of Environmental [...]
Greenhill appoints Wilson as MD
by Richard Kilner
Story link: Greenhill appoints Wilson as MD
Independent investment bank Greenhill & Co., Inc. has announced the appointment of Kirk R. Wilson as a managing director.
Wilson brings with him a tremendous amount of experience, and has worked within Morgan Stanley’s Investment Banking Division as vice chairman for over a quarter of a century.
In addition to that post he also held a senior [...]
Nomura enhances its presence in Italy
by Richard Kilner
Story link: Nomura enhances its presence in Italy
Global investment bank Nomura has named Andrea Pellegrini as the new co-chairman of Italy and head of investment banking.
In his new post, Pellegrini will collaborate closely with the chairman of Investment Banking Italy, Alessandro Cremona.
Pellegrini most recently worked for Merrill Lynch as chairman of the public sector group for Europe, Middle East and Africa (EMEA), [...]
Brewin Dolphin: ISAs more popular than ever
by Richard Kilner
Story link: Brewin Dolphin: ISAs more popular than ever
Independent private client investment manager Brewin Dolphin is enjoying a record year for sales of ISAs.
At present subscriptions total £103m, and in the fortnight to the end of the selling window the firm estimates this figure could rise to £125m.
With interest rates at just 0.5% savers have been hammered recently, and higher return ISAs have [...]
Morgan Stanley and MUFG in Japanese joint venture
by Richard Kilner
Story link: Morgan Stanley and MUFG in Japanese joint venture
Morgan Stanley and Mitsubishi UFJ Financial Group, Inc. (MUFG) are embarking upon a securities joint venture having signed a memorandum of understanding.
The deal involves the combination of Mitsubishi UFJ Securities Co., Ltd. and Morgan Stanley Japan Securities Co., Ltd. and marks a further step in the direction of planned co-operation between the two firms.
The new [...]
