RBS woes kill any idea of share sale before election

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RBS woes kill any idea of share sale before election

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RBS woes kill any idea of share sale before election

The Government has abandoned hope of selling any Royal Bank of Scotland shares ahead of the general election after the bank said it faced an £8bn loss.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

£51bn Vodafone bonanza for shareholders
Vodafone shareholders yesterday voted almost unanimously to approve a £51bn cash and shares bonanza from the sale of the mobile firm’s American subsidiary Verizon Wireless, giving the green light to the largest single return of value to investors in corporate history. The payout, approved by 99.61% of votes cast, will inject a sum larger than Britain’s annual defence budget into the global economy, with an estimated £18bn flowing back to the UK, where more than a third of Vodafone shareholders are based.
The Guardian, p. 18

Bank of Montreal’s parent to buy U.K. asset manager for £708 million
In a bid to expand its wealth management offerings in Europe, the parent company of the Bank of Montreal said on Tuesday that it would acquire F&C Asset Management of Britain for 708 million pounds.
International New York Times, p. 16

F&C takeover shaken by talk of rival bidder
F&C Asset Management’s £708m takeover by Bank of Montreal (BMO) looked less certain yesterday after the UK firm’s second-biggest shareholder raised the possibility of a rival bidder.
The Daily Telegraph Business, p. 3

F&C investor says £700m Canadian bid may be too low
One of the largest investors in F&C Asset Management has warned its Canadian suitor, BMO Financial, that a £708m bid for the company could be too low. Standard Life Investments, which owns 10 per cent of F&C, said it would wait to see whether rival bidders emerge for the 146-yearold fund manager before giving its approval.
The Independent, p. 50

Banking & Finance
The prospect of a bid battle for F&C Asset Management has been thrown open after Standard Life Investments, its second-largest shareholder, said it was holding out for a better deal than that agreed with a Bank of Montreal.
The Times, p. 36

Fight for F&C on the cards as Standard Life gets tough
F&C Asset Management’s second-largest shareholder, Standard Life, said it was holding out for a better deal than the takeover agreed with a Canadian bank.
The Times, p. 35

Retail Banking

Barclays chief ready to wield axe
Barclays chief executive Antony Jenkins will next month cut the cost structure of the bank, promise to close a quarter of its 1,600 branches and axe hundreds of investment banking jobs.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : The Guardian, p.19

Banks’ ageing IT struggles to cope with rise in demand
The FT claims barely a month goes by without reports of another serious systems crash at one of the UK’s biggest banks, noting Lloyds Banking Group.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

R.B.S. cuts its range of currency benchmarks
The Royal Bank of Scotland said on Tuesday that it would reduce the range of foreign exchange benchmarks it offers to clients who trade currency markets.
International New York Times, p. 16

RBS facing new row over size of bonuses
Royal Bank of Scotland will walk into a new row over pay as it prepares to finalise the size of its bonus pool for 2013 and make payouts worth hundreds of millions of pounds to its staff.
The Guardian, p. 19

Mis-selling claims
Complaints about bank “packaged” current accounts have more than doubled to 3,107 in a year amid a sharp increase in people saying they were mis-sold products, the Financial Ombudsman Service said.
The Daily Telegraph, p. 9

Lloyds job cuts will hit small firms’ access to business banker
Lloyds Banking Group is to cut 1,080 jobs across the UK, more than half of which are involved in SME lending. In addition, Lloyds said it was transferring 310 staff to a new employer as part of an outsourcing agreement.
The Daily Telegraph Business, p. 3
Also appeared in : The Guardian, p.23, The Independent, p.51, The Times, p.38

Lloyds begins run-up to TSB flotation after offer spurned
Lloyds Banking Group has begun meeting potential investors to to ask them to back the pending flotation of its 631-branch TSB business.
The Daily Telegraph Business, p. 1
Also appeared in : The Times, p.38

Round Up

Psychometric tests won Flowers the top Co-op Bank job, says his former deputy
Paul Flowers, the disgraced former chairman of the Co-operative Bank, was appointed to the post because he did better than rival candidates in psychometric tests, the Treasury select committee of MPs was told yesterday. A former deputy chairman of the bank, Rodney Baker-Bates, told MPs yesterday that he lost out to Flowers in seeking the chairmanship. He revealed that he eventually quit his boardroom role in protest over the bank’s attempt to take control of 631 Lloyds Banking Group branches, codenamed Verde.
The Guardian, p. 23
Also appeared in : Financial Times, p.3, The Daily Telegraph Business, p.3, The Independent, p.51, The Independent, p.53, The Times, p.38, The Times, p.35

The above articles appeared on 29.01.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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