Tag: purchase

Capital One to buy ING in $9bn deal

Capital One to buy ING in $9bn deal

Capital One, renowned for its credit cards, is to purchase the US internet banking division of ING – the Dutch banking and insurance company. The deal will see Capital One pay $9 billion (£5.5 billion) in cash and shares - $6.2 billion in cash and the remainder in stock, in a move which will see [...]

June 17, 2011 | 0 Comments More
Barclays mulling over Spanish purchase

Barclays mulling over Spanish purchase

It has been reported that banking giant Barclays is considering purchasing one of Spain’s ailing regional savings banks. According to the Sunday Times, the bank’s chief executive, Bob Diamond, met with the Spanish Prime Minister, Jose Luis Rodriguez Zapatero, last week. However, Barclays has declined to comment on the report and it is unknown which [...]

May 30, 2011 | 0 Comments More
Standard Chartered in GE Singapore purchase

Standard Chartered in GE Singapore purchase

London-based emerging markets bank, Standard Chartered, has purchased GE Money’s specialist car and personal loans business in Singapore. The deal will further strengthen the Asia-focused bank’s operations in Singapore. While financial details were not disclosed, sources close to the transaction said the bank was paying “just under” one billion Singaporean dollars. The acquisition will be [...]

January 24, 2011 | 0 Comments More
ECB holds rates and expands bond programme

ECB holds rates and expands bond programme

As expected, the European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 19th consecutive month. There were suggestions that the bank might have taken drastic action in order to address the debt crisis, currently engulfing the euro zone. However, the ECB said it will [...]

December 2, 2010 | 0 Comments More
Q2 like-for-like sales fall at Asda

Q2 like-for-like sales fall at Asda

Supermarket giant Asda has today announced like-for-like sales (excluding fuel) declined by 0.4% in the second quarter. The fall was attributed to the tough austerity measures introduced by the Government, which has hit consumers, according to Asda. “Asda’s customers are facing recently announced tax increases and cuts in Government spending,” it said in a statement. [...]

August 17, 2010 | 0 Comments More
Barclays Capital announce several hundred redundancies

Barclays Capital announce several hundred redundancies

Barclays Capital, the investment division of banking giant Barclays, is to slash around 400 back-office jobs in the US, Europe and Asia, a source familiar with the matter has said. The job losses come following Barclays’ expansion of its investment-banking unit, driven by the bank’s purchase of Lehman Brothers North America operations at the height [...]

August 11, 2010 | 0 Comments More
Santander acquires SEB’s German business

Santander acquires SEB’s German business

Spanish banking giant Santander has agreed to purchase Swedish bank SEB’s German business for €555 million (£466.5 million). SEB, which is Sweden’s third-largest bank in terms of market capitalisation, acquired its German retail banking business ten years ago and had planned to sell it in 2008. However, the sale was delayed due the global financial [...]

July 12, 2010 | 0 Comments More
Asda expands with purchase of Netto’s UK stores

Asda expands with purchase of Netto’s UK stores

Supermarket giant Asda has today announced it is to buy the 193 UK stores from Danish discount retailer Netto, in a deal worth £778 million. Netto, currently owned by Dansk Supermarked, has operated in the UK since 1990. The company said it now plans to concentrate on expanding in Scandinavia and Northern Europe. Meanwhile, Asda [...]

May 27, 2010 | 0 Comments More
JPMorgan reveals £1bn deal to buy Cazenove

JPMorgan reveals £1bn deal to buy Cazenove

US investment bank JPMorgan is to fully buy Cazenove, the UK broker, in a £1 billion ($1.7 billion) deal. The deal comes as JPMorgan bought half of Cazenove in 2004 ago and created the JPMorgan Cazenove joint venture. It paid £700 million for the 50% stake. Under the original terms set five years ago, the [...]

November 19, 2009 | 0 Comments More
Berkshire Hathaway recovers and sees Q3 profits treble

Berkshire Hathaway recovers and sees Q3 profits treble

Berkshire Hathaway, the investment group controlled by respected US billionaire investor, Warren Buffett, has recovered from its poor performance in 2008 and announced a surge in net profit. The group said net profit was $3.2 billion (£1.9 billion) in the three months to September, compared to $1.1 billion in the same period a year earlier. [...]

November 9, 2009 | 0 Comments More
Carphone Warehouse agrees £236m purchase of Tiscali UK

Carphone Warehouse agrees £236m purchase of Tiscali UK

Carphone Warehouse has today agreed to purchase Tiscali’s UK business for £236 million. According to Charles Dunstone, Carphone’s chief executive, the deal will make his TalkTalk landline business the UK’s largest home broadband provider - with 4.25 million subscribers. The deal might also pave the way for the much talked about spin-off of TalkTalk from [...]

May 8, 2009 | 0 Comments More
Former bank chiefs apologise to Treasury Select Committee

Former bank chiefs apologise to Treasury Select Committee

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, [...]

February 10, 2009 | 2 Comments More
HSBC reveals further write-downs

HSBC reveals further write-downs

HSBC, the UK’s largest bank, has announced it is to write-down a further $2.6 billion (£1.3 billion) in addition to the $12.2 billion of write-downs last year. However, profit in the first three months of 2008 exceeded that of a year ago, as growth in Asia helped counter some $5 billion in hits from bad [...]

May 13, 2008 | 0 Comments More
Bank of America quarterly profit down 77%

Bank of America quarterly profit down 77%

Bank of America (BoA), the second-biggest bank in the US, posted an $8 billion (£4 billion) hit from the credit squeeze in the first 3 months of 2008, reducing its profit for the period by 77%. Profit dropped for a third consecutive quarter and was below analysts predictions. The bank, which has its headquarters in [...]

April 22, 2008 | 0 Comments More