The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell the Priory Group – the care home and clinic renowned for treating celebrities. The bank has offloaded the business to private equity firm, Advent International, in a deal worth £925 million. RBS has been [...]
Royal Bank of Scotland (RBS) is taking the necessary steps so the Government can start selling its 83% stake in the bank. According to reports, chief executive Stephen Hester was quoted as saying: The sale “won’t be conducted in one go….but I would be disappointed if there would not be the first steps towards privatisation [...]
Just a day after Lloyds Banking Group announced it would tap investors for £4 billion and chairman Sir Victor Blank announced his resignation, the bank continues to dominate the headlines with plans to axe 625 UK jobs. Lloyds, which is 43% state-owned, said the jobs will be evenly split between Scotland and England & Wales [...]
Royal Bank of Scotland (RBS) has announced it will make further redundancies worldwide. The fresh job losses are in addition to the 2,700 job losses already announced. The bank’s chairman, Sir Philip Hampton said: “We can only be honest and say that this will not be the end of the story and more job cuts [...]
Royal Bank of Scotland (RBS), which is 68% owned by the taxpayer, has today reported a full 2008 year loss of £24.1 billion – the largest annual loss in UK corporate history. The loss was attributed to the “unprecedented turbulence” in financial markets according to the bank’s chairman, Philip Hampton. Mr Hampton warned that 2009 [...]
The ex-bosses of Royal Bank of Scotland (RBS) and HBOS have apologised “profoundly and unreservedly” for the near-collapse of their banks. Speaking to the Treasury Select Committee, Sir Fred Goodwin, former chief executive of RBS said he “could not be more sorry” for the events that led to the bank’s demise. Furthermore, ex-chairman of RBS, [...]
According to reports, the Royal Bank of Scotland (RBS) is set to announce the sale of its 4.3% stake in Bank of China, which is valued at over £1.8 billion. The rumour of the sale has brought with it speculation that similar transactions will arise. Late last year, Swiss bank UBS sold its entire 1.5% [...]
Royal Bank of Scotland (RBS) adds to the thousands of job losses in the UK this week by announcing that it is to axe 3,000 staff from its global banking and markets division. The news of the job losses follows a week of cuts after JCB, one of the largest construction equipment manufacturers in the [...]
Spanish bank, Santander, has raised eyebrows today by announcing a €7.2 billion (£5.9 billion) rights issue. The bank, which recently acquired Alliance & Leicester, said the heavily discounted rights issue will allow it to strengthen its capital and provide an investment opportunity for its shareholders. However, just last week the bank insisted it had no [...]
Fortis, the Belgian-Dutch bank, has announced fundraising plans of €1.5 billion (£1.2 billion). It said current circumstances necessitate these measures. Following the announcement, its shares dropped by 6.9% in Brussels trading this morning. The bank, like many others, needs extra capital to ride out the credit squeeze. It also requires the cash to fund its [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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