Tag: sale

HSBC offloads US credit card division in $32.7bn deal

HSBC offloads US credit card division in $32.7bn deal

Banking giant HSBC has today announced it has disposed of its US credit card division to Capital One Financial, as part of a global strategic cost-cutting exercise. The announcement comes shortly after the bank said it would slash its underperforming US branch network by half and also announced it would axe 30,000 jobs globally in [...]

August 10, 2011 | 0 Comments More
Northern Rock losses narrow

Northern Rock losses narrow

Nationalised lender Northern Rock Plc has today unveiled its results for the half-year. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profits for the six months to 30 June totalled £68.5 million, against a loss of £142.6 million in the same period a year ago. However, lending was lower [...]

August 3, 2011 | 0 Comments More
BAA ordered to sell airports

BAA ordered to sell airports

Airport operator BAA has been ordered to sell Stansted Airport and either Glasgow or Edinburgh airports, it has been confirmed. BAA, which is majority-owned by Spain’s Ferrovial, has been under investigation by the Competition Commission since 2007. In its final ruling, the Commission said the sale of the airports was fully justified and the sale [...]

July 19, 2011 | 0 Comments More
Comet sales slump despite turnaround efforts

Comet sales slump despite turnaround efforts

Electrical goods retailer Comet has today posted a 6.8% fall in sales for the year to 30 April, slumping to a loss of €10 million (£9 million). The chain said trade had deteriorated in the new financial year and chairman David Newlands described the results as “unsatisfactory and unacceptable”. Comet’s parent company, Kesa, however posted [...]

June 22, 2011 | 0 Comments More
Chancellor to announce Northern Rock sale

Chancellor to announce Northern Rock sale

In his Mansion House speech later this evening, Chancellor George Osborne is to announce plans to sell off state-owned Northern Rock. The crisis-torn bank, which collapsed on the eve of the credit crisis, is expected to be auctioned off and will raise around £1 billion. The Chancellor will say he hopes to find a buyer [...]

June 15, 2011 | 0 Comments More
Chancellor to show support for retail banks to be ring-fenced

Chancellor to show support for retail banks to be ring-fenced

In his Mansion House speech this evening, Chancellor George Osborne is expected to confirm that banks will have to ring-fence their retail operations so they are protected from losses from investment banking. The Chancellor is also expected to suggest that banks will have to hold more capital – a recommendation of the Independent Commission on [...]

June 15, 2011 | 0 Comments More
Lloyds Banking Group set to axe thousands more jobs

Lloyds Banking Group set to axe thousands more jobs

According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from [...]

June 13, 2011 | 0 Comments More
RBS offloads Priory Group for £925m

RBS offloads Priory Group for £925m

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 [...]

January 18, 2011 | 0 Comments More
US Treasury sells stake in Citigroup

US Treasury sells stake in Citigroup

The US Treasury has disposed of its remaining stake in Citigroup - bringing a net profit to taxpayers of $12 billion (£7.6 billion). The banking giant, which was badly hit during the financial crisis, was the recipient of a $45 billion cash bailout in 2008 and 2009, with the funds coming from the Troubled Asset [...]

December 8, 2010 | 0 Comments More
BP continues with asset disposal to fund clean-up operation

BP continues with asset disposal to fund clean-up operation

Oil giant BP announced it has disposed of its 60% stake in Pan American Energy to Bridas Corporation in a deal worth $7 billion (£4.5 billion). The latest deal is part of the company’s asset selling plan, designed to fund the clean-up operation relating to the Gulf of Mexico oil disaster - estimated to be [...]

November 29, 2010 | 0 Comments More
RBS ready to sell WorldPay

RBS ready to sell WorldPay

As part of its restructuring plan, the Royal Bank of Scotland (RBS) is preparing to sell its payment processing company, WorldPay, just days after it announced the sale of its Williams & Glyn’s branch network. Private equity firms, Advent International and Bain Capital, have been in talks to buy WorldPay since last month, according to [...]

August 6, 2010 | 0 Comments More
RBS reports first half profit

RBS reports first half profit

Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, today announced a profit for the six months ended June, boosted by falling charges for bad debt. The bank posted a net profit of £9 million ($14.3 million) compared with a £1.04 billion net loss in the same period a year earlier. Meanwhile, [...]

August 6, 2010 | 0 Comments More
RBS confirms Williams & Glyn’s sale to Santander

RBS confirms Williams & Glyn’s sale to Santander

Royal Bank of Scotland (RBS) has confirmed it will sell the 318 Williams & Glyn’s network of branches to Spanish banking giant, Santander for £1.65 billion. The majority of the branches are in the North West and will be turned into Santander banks, with the process expected to be completed by December 2011. Commenting on [...]

August 4, 2010 | 0 Comments More
Santander to acquire Williams & Glyn’s network from RBS

Santander to acquire Williams & Glyn’s network from RBS

It has been reported that Spanish banking giant, Santander, is set to acquire the 318 Williams & Glyn’s network of branches from the Royal Bank of Scotland (RBS). According to the Financial Times and Times newspapers, RBS, which is 83% owned by the Government, is expected to confirm the deal later today. However, the deal [...]

August 3, 2010 | 0 Comments More
Lloyds confirms it will cease selling PPI

Lloyds confirms it will cease selling PPI

Banking giant Lloyds has confirmed it will no longer sell the controversial payment protection insurance (PPI). Lloyds Banking Group, which is 41% owned by the taxpayer, is the first bank to drop PPI sales and the decision will apply to customers of all its brands including the Halifax, Bank of Scotland and the Cheltenham & [...]

July 27, 2010 | 0 Comments More
Lloyds agrees private equity unit sale

Lloyds agrees private equity unit sale

Lloyds Banking Group, which is 41% owned by the taxpayer, has announced it has agreed to sell its private equity unit to buyout firm Coller Capital in a deal worth £332 million. The deal will see 40 private equity investments transferred to a newly-established partnership - 70% and 30% owned by Coller and Lloyds respectively. [...]

July 5, 2010 | 0 Comments More
RBS offloads Sempra Commodities in $1.6bn deal

RBS offloads Sempra Commodities in $1.6bn deal

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has announced it has completed the sale of its metals, oil and European energy business, Sempra Commodities, to US investment bank, JP Morgan, in a $1.6 billion (£1.1 billion) deal. Sempra, which is based in San Diego reported 2009 revenues to be in [...]

July 2, 2010 | 0 Comments More
Mohammed Al Fayed sells Harrods for £1.5bn

Mohammed Al Fayed sells Harrods for £1.5bn

Egyptian-born businessman, Mohammed Al Fayed, has sold London department store Harrods to investment group, Qatar Holdings, in a deal worth £1.5 billion ($2.3 billion). Qatar Holdings, which is owned by the Qatari royal family, is the investment arm of the emirate’s sovereign wealth fund, Qatar Investment Authority. It has a stake in supermarket giant Sainsbury’s [...]

May 9, 2010 | 0 Comments More
Citigroup share sale commences

Citigroup share sale commences

Last month, the US Treasury Department announced plans to sell its 27% stake in Citigroup this year, in what will be one of the largest stock sales ever. Today, the Department said it had authorised the first sale of up to 1.5 billion shares - the equivalent of around 20% of the 7.7 billion shares [...]

April 26, 2010 | 0 Comments More
Blackstone and Wellcome Trust withdraw bid for RBS branches

Blackstone and Wellcome Trust withdraw bid for RBS branches

According to reports, US buyout firm Blackstone and UK medical research charity, the Wellcome Trust, have dropped their joint bid for Royal Bank of Scotland’s (RBS) 318 Williams & Glyn’s branch network. The branch network is being sold under the orders of the European Commission as a punishment of the billions of pounds in state [...]

April 26, 2010 | 0 Comments More