Tag: retail banking

Labour calls for banks to sell branches

Labour calls for banks to sell branches

Labour is calling for major UK retail banks to sell hundreds of branches in order to create seven High Street banks rather than the current ‘big five’. This would increase lending and competition in a market that is currently dominated by Barclays, Lloyds, HSBC, RBS and Santander, the party believes. According to the Mail on [...]

July 9, 2012 | 2 Comments More
Chancellor wins on banking regulations

Chancellor wins on banking regulations

Chancellor of the Exchequer George Osborne has secured a key agreement allowing the UK government to regulate its banks more strictly than other EU member states. The agreement was secured in Brussels between European Union finance ministers. It allows the UK to ring-fence retail banking operations from riskier investment banking operations in order to protect [...]

May 16, 2012 | 0 Comments More
Government sells Northern Rock to Virgin Money

Government sells Northern Rock to Virgin Money

The government has announced the sale of Northern Rock to Virgin Money for £747m, representing a loss of £650m on the £1.4bn of public money it injected into the Newcastle-based bank. The chancellor, George Osborne said that the deal was “an important first step in getting the taxpayer out of the business of owning banks”. [...]

November 17, 2011 | 0 Comments More
2,600 UK jobs set to go at RBS

2,600 UK jobs set to go at RBS

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today announced it is reducing headcount by a further 2,600 as it continues with its cost-cutting programme. The bank has already announced more than 20,000 job cuts across its business since it was bailed out at the height of the financial crisis. [...]

May 10, 2010 | 0 Comments More
Co-operative bank tops customer satisfaction league

Co-operative bank tops customer satisfaction league

Banks are giving themselves a pat on the back as the 2008 UK Retail Banking Customer Satisfaction Study reveals that consumers are happier with their banks than a year ago, despite the challenging economic climate. The report is compiled by J D Power and Associates, the marketing information services firm. It measures customer satisfaction with [...]

September 11, 2008 | 0 Comments More
Tesco to enter retail banking following RBS buyout

Tesco to enter retail banking following RBS buyout

Tesco is to compete with High Street banks after it has bought out Royal Bank of Scotland’s (RBS) 50% share in Tesco Personal Finance (TPF) in a deal worth £950 million. TPF, which was launched in 1997 as a joint venture between Tesco and RBS, sells general insurance, credit cards, personal loans, savings products, and [...]

July 28, 2008 | 0 Comments More