Lloyds TSB tempted by Allianz sale of Dresdner Bank
by Gill Montia
Story link: Lloyds TSB tempted by Allianz sale of Dresdner Bank
Lloyds TSB is reported to be preparing a bid for German bank, Dresdner, which forms part of the Allianz group and operates its investment banking business via Dresdner Kleinwort.
The credit crisis has left Lloyds TSB relatively unscathed and the bank could now benefit from the current decline in banking valuations in Europe and the US.
Allianz […]
Lloyds TSB seeks out dormant account holders
by Gill Montia
Story link: Lloyds TSB seeks out dormant account holders
Lloyds TSB is embarking on a quest to find its dormant account holders.
The bank has around 120,000 accounts, containing a total of £69 million, which have not seen any activity for at least 15 years.
The average amount held is £575 but 10% of the accounts, which are both personal and business, contain more than £1,000. […]
HBOS rights issue in jeopardy
by Gill Montia
Story link: HBOS rights issue in jeopardy
HBOS’s £4 billion rights issue looked in jeopardy today as the bank’s share price fell below the proposed offer price of 275p.
Shares in the UK’s largest mortgage lender fell almost 12%, to 258p, as the markets took up the strain of mounting concerns over the UK housing market.
This week’s news on the property sector has […]
High Street five support B&B fundraising
by Gill Montia
Story link: High Street five support B&B fundraising
Bradford & Bingley (B&B) will receive the support of the UK’s five largest High Street banks in its troubled fundraising event.
The buy-to-let lender originally planned to raise £330 million from shareholders in a rights issue but had to redraw its plans when a profit warning left its share price plummeting close to the issue price.
The […]
Lloyds TSB to pick up Northern Rock’s best borrowers
by Gill Montia
Story link: Lloyds TSB to pick up Northern Rock’s best borrowers
Lloyds TSB has entered into an agreement with Northern Rock which means that customers of the nationalised bank will be directed towards Lloyds TSB when their fixed-rate mortgages come up for renewal.
For the next three years, certain Northern Rock borrowers will benefit from a fast-track application process with Lloyds TSB and will not be required […]
Lloyds upbeat on capital ratio and profit
by Gill Montia
Story link: Lloyds upbeat on capital ratio and profit
Lloyds TSB has issued an upbeat trading statement on its performance in the first quarter of the year, despite having written down a further £387 million at its wholesale and international banking units (£200 million of which related to indirect exposure to the US sub-prime mortgage crisis).
Last year, the group wrote down a mere £280 […]
Lloyds TSB wins best bank award
by Richard Kilner
Story link: Lloyds TSB wins best bank award
For the fourth consecutive year Lloyds TSB has been given the award of Bank of the Year.
The award is given by British finance directors to the bank that is seen to give excellent service to both commercial and corporate customers.
On Tuesday the award was presented by CBI director-general Richard Lambert to Diana Brightmore-Armour and John […]
Lloyds TSB backs expansion of Islamic banking
by Gill Montia
Story link: Lloyds TSB backs expansion of Islamic banking
Lloyds TSB is convinced that the Islamic finance market, which operates under the principals of Shari’a law, will continue to grow in the UK, with demand increasing from both within and without the Muslim community.
The bank’s media relations manager, Emile Abu-Shakra, points out that although Islamic finance products “are designed with Muslims in mind and […]
Lloyds TSB posts profit of £3.92bn
by Gill Montia
Story link: Lloyds TSB posts profit of £3.92bn
Lloyds TSB posted profit of £3.92 billion in 2007, representing a 6% rise on 2006.
The group surprised the market by reporting a mere £280 million loss in relation to its investments affected by the US sub-prime mortgage crisis.
The bank had previously estimated its writedown to be in the region of £201 milliion but an additional […]
Lloyds TSB record £200m losses from credit crunch
by Richard Kilner
Story link: Lloyds TSB record £200m losses from credit crunch
It has emerged that the credit crunch, caused by the US subprime mortgage crisis, has led to a writedown of £200m for Lloyds TSB, the UK’s fifth largest bank.
The losses are smaller than those recorded by rivals Barclays and the Royal Bank of Scotland as Lloyds’ exposure to high risk mortgages is more limited .
Despite […]
BoE embarrassment over Northern Rock continues
by Gill Montia
Story link: BoE embarrassment over Northern Rock continues
The Treasury and the Bank of England are once again attempting to explain their handling of the Northern Rock crisis.
In an interview with the BBC yesterday, Mervyn King, the Bank’s Governor, attempted to reinforce his view that both the Treasury and the Bank were untied in their approach to the crisis.
However, it appeared that Mr […]
Law Lords support consumers on credit card insurance
by Gill Montia
Story link: Law Lords support consumers on credit card insurance
The House of Lords has ruled that credit card providers must continue to refund customers who purchase goods and services abroad that are not delivered, or are damaged.
Lloyds TSB and Tesco Personal Finance brought the case, which challenged the Consumer Credit Act.
However, an appeal against an original decision in the High Court has now been […]
Lloyds TSB in £64 million US court case
by Gill Montia
Story link: Lloyds TSB in £64 million US court case
Lloyds TSB has responded strongly to the news that US prosecutors have filed a £64 million lawsuit against the bank, accusing it of being instrumental in helping to launder the proceeds from a major securities fraud.
The bank has promised to defend itself vigorously, saying: “We do not believe there is any basis for this action […]
Banks test the law on overseas credit card purchases
by Gill Montia
Story link: Banks test the law on overseas credit card purchases
A case to establish whether credit card companies must refund customers when goods purchased abroad are damaged or are not delivered will be heard by the House of Lords.
A group of banks, led by Lloyds TSB, is challenging the view that under the Consumer Credit Act the same cover applies to goods purchased from an […]
Lloyds TSB leads the way to lower charges
by Gill Montia
Story link: Lloyds TSB leads the way to lower charges
Lloyds TSB is the first of the High Street banks to announce that it will be reducing its charges for unauthorised overdrafts, from 2nd November this year.
The bank will cut its interest rates for unauthorised borrowing by approximately one-third, whilst also lowering charges for unauthorised overdrafts and bounced cheques.
From November, customers who had […]
Penalty fees survey shocks BBA
by Gill Montia
Story link: Penalty fees survey shocks BBA
uSwitch, the price comparison website, has published the results of a poll in which over 4,000 of its customers were surveyed about the penalty fees charged by leading UK banks.
The research was conducted by YouGov and concluded that UK bank customers who have been charged such fees have paid an average of £742 each, over […]
SMEs lose banking price controls
by Gill Montia
Story link: SMEs lose banking price controls
The Competition Commission (CC) has lifted the temporary price controls that it applied to the UK’s four largest banks, in 2003.
The controls determined the way in which Barclays, HSBC, Lloyds TSB and the Royal Bank of Scotland group run business accounts for small and medium-sized enterprises (SMEs).
The price controls were put in place following an […]
Banks face heavy loans to affiliate companies
by Gill Montia
Story link: Banks face heavy loans to affiliate companies
The difficulties in the US sub-prime mortgage market has left UK High Street banks with the prospect of having to use substantial funds to support affiliate companies involved in high risk investment.
The crisis has caused a shortage of money in the debt markets and a sharp increase in interest rates.
As a result, HBOS has already […]
Consumers woolly on online banking fraud
by Gill Montia
Story link: Consumers woolly on online banking fraud
Lloyds TSB has come up with some surprising results in a survey about online banking fraud.
Whilst 93% of respondents to the survey were aware that Internet banking fraud is not a victimless crime, 51% were not concerned about it.
Further investigations reveal that 26% of those surveyed were not concerned because “these things happen” in life […]
Which? survey embarrasses leading banks
by Gill Montia
Story link: Which? survey embarrasses leading banks
Which?, the consumer group, has published its ‘best buy’ survey of bank accounts, which did not feature accounts offered by Barclays, HSBC, Lloyds TSB or NatWest.
According to Which?, consumers borrowing and saving with the four leading banks are getting poor value interest rates combined with customer service that is below the standard of some […]
