Mindful that it could fall foul of EU regulations, Lloyds Banking Group is reported to be offering to sell two of its regional branch networks. The government-brokered takeover of HBOS by Lloyds TSB last September flouted UK competition rules and left Lloyds Banking Group 43% state-owned. The European Commission is still considering the terms of [...]
Hundreds of Halifax outlets could be axed as the integration of Lloyds TSB and HBOS continues. According to reports, the merged Lloyds Banking Group is considering the closure of over 300 agency “counters”, which are operated under licence by third parties such as solicitors and estate agents. The counters offer only a limited range of [...]
Private sector discontent over the prosperity gap between private and public sector pensionners will be fuelled by a new report from PricewaterhouseCoopers (PwC). While private sector workers in defined contribution schemes receive an average employer contribution of around 6% of salary, public sector workers in their final-salary schemes could be receiving an employer contribution of [...]
Fears that the Icelandic government could renege on an agreement to compensate the UK Government have eased. The country’s parliament has voted in favour of repaying over £3 billion to authorities in the UK and the Netherlands in connection with the Icelandic banking collapse in October of last year. At the time, the failure of [...]
Landesbank Baden-Württemberg (LBBW) has reported pre-tax profits of €215m for the first half of 2009. The result was constrained by a significant rise in the allowance for losses on loans/advances to €717m. LBBW’s capital base has been strengthened by a capital injection of €5bn from the owners and the €12.7bn risk shield guarantee from the [...]
Bank of China Limited has announced its interim financial results for 2009. In the first half of the year the bank increased its total assets by over 18% (compared to the end of 2008) to RMB 8.21 trillion, with total liabilities rising by more than 19% to RMB 7.71 trillion. Customer deposits were also up [...]
French bank Crédit Agricole S.A has announced its interim results for the first half of 2009. Net income for the first six months of the year was €403m, and the second quarter saw net income of €201m, essentially flat with Q1′s €202m. Although the operating environment remains challenging, the bank has continued to make profits [...]
Supermarket price wars are extending beyond the shopping trolley and into the world of finance, according to Moneyfacts.co.uk. Research from the financial website shows both Tesco and Sainsbury increasing rates for savers, with the UK’s leading retailers also offering competitive deals on credit cards, loans and life assurance. Tesco’s Internet saver is currently paying 3% [...]
Bankers are the most prejudiced employers when it comes to taking on staff with experience of mental illness. The claim is made by mental health campaign, Time to Change, which is funded by the National Lottery and Comic Relief. The anti-stigma body has been surveying Britons and their attitudes to mental health, mindful of the [...]
Scottish Widows is raising the alarm over the level of debt carried by retired Britons. The life and pensions provider claims that indebtedness among UK pensioners is growing, with one third now owing money on personal loans and credit card accounts. According to research by the firm, retirees with unsecured loans owe an average £7,344, [...]
National Savings & Investment (NS&I) is sitting on around 599,000 unclaimed Premium Bond prizes, the BBC has reported. The total value of the pot amounts to £35 million, having been swollen by 50,000 unclaimed wins in the last six months. While prizes start at £25, two £100,000 jackpots are awaiting collection. Residents of London hold [...]
The chairman of the Financial Services Authority (FSA) has thrown his weight behind the concept of a new tax on banks, aimed at curbing the bonus culture. Speaking to Prospect magazine, Lord Turner said he supported the idea of a levy on financial transactions that would shrink bonus pots by reducing banks’ profits. In addition, [...]
French banking giant BPCE has revealed its interim financial results for the first six months of the year. The firm’s retail banking arm turned in a good performance, defying the continuing difficulties in the operating environment. BPCE has also announced it is undertaking a disciplined drive to keep a tight rein on expenses as efficiency [...]
The Co-operative Bank has released research findings which suggest a further strengthening in the UK housing market. Of those asked 35% of sellers would be unwilling to lower the asking price to would-be buyers hoping to acquire a bargain. However, only 12% of buyers indicated they would be prepared to pay the full asking price [...]
Moneysupermarket.com has exposed the gap between the average rate faced by consumers taking out personal loans and the base rate, which stands at 0.5%. According to the financial website, those securing a £5,000 personal loan today can expect to pay an average annual percentage rate (APR) of 10.3%. Whereas, three years ago the average APR [...]
Royal Bank of Scotland (RBS) staff belonging to the bank’s final-salary pension scheme face a poorer retirement because of a cap on future annual increases. The group closed the scheme to new members in 2006 and has now limited annual increases to 2% or the rate of inflation, which ever is the lower. Previously pay [...]
In its recently published report, Variant Perception argues that Spanish banks are hiding their losses by “not marking their real estate loans to market” and “extending credit to zombie construction companies”. The firm, which describes itself as a “distinctive and original voice in economic analysis”, estimates that loans outstanding with Spanish developers have increased from [...]
Lloyds Banking Group has announced plans to cut 200 jobs in its general insurance arm, taking total job losses to around 7,500 this year. Staff at the group’s offices in Newport, South Wales and Yorkshire will be affected, although compulsory redundancies will be kept to a minimum by redeployment and natural turnover. The news comes [...]
