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02 September, 2010 18:14
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USA > Bank news
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Commerzbank sells off Dresdner Bank Monaco
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Commerzbank has announced that it has successfully completed the sale of Dresdner Bank Monaco SAM to the Lebanese Bank Audi sal-Audi Saradar Group The news follows the transaction receiving the necessary regulatory green lights The Bank Audi sal-Audi Saradar Group will now acquire Dresdner Bank Monaco, which focuses upon providing clients in southern...
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02 September, 2010 17:56
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USA > Bank news
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Brewin Dolphin appoints Shrewsbury quartet
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Independent private client investment manager Brewin Dolphin has announced the expansion of its Shrewsbury branch A trio of divisional directors (Andrew Barr, Verity Criddle and William Eyre) bolster the Shrewsbury team, as does Assistant Director Rupert Harvey In addition to the 70 years’ worth of experience the branch benefits from with their...
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02 September, 2010 17:49
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USA > Bank news
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Go-Ahead Group leads travel, leisure sector higher in London
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Finance News
European equities markets were mixed Thursday after the European Central Bank held Eurozone interest rates at 1 percent and issued a higher growth outlook for the region, while Sweden’s central bank hiked rates there to 075 percent from 05 percent, the second consecutive increase from Riksbank Better economic news from the US helped gains in some markets...
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02 September, 2010 13:07
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USA > Bank news
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RBS to cut 3,500 UK jobs
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Royal Bank of Scotland (RBS) is to cut 3,500 UK jobs as it closes up to 12 offices and completes the sale of 318 branches (as required by the EU Competition Commission) to Santander The 84% state-owned group is continuing a restructure having already reduced its headcount by around 4,000 last year According to a BBC report, the latest round of cuts...
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02 September, 2010 11:24
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USA > Bank news
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VTB reports record profits
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VTB Group has reported its unaudited results for the first six months of 2010, including a record half-year net profit of RUB251 bn The result is even more impressive considering it incurred a net loss of RUB315bn during the corresponding period last year Corporate Banking also saw an improvement, with pre-tax profits rising to RUB183bn, with Retail...
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02 September, 2010 11:09
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USA > Bank news
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Northern trust appoints Netherlands’ country head
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Northern trust appoints Netherlands’ country head Northern Trust has announced the appointment of Wim van Ooijen as country head of Northern Trust The Netherlands Van Ooijen succeeds Eric Pouwels, who vacates the role to take up his new post as director of Strategic Development for Europe, Middle East and Africa (EMEA) He has been with the firm...
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02 September, 2010 10:59
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USA > Bank news
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Deutsche Bank opens Copenhagen office
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Deutsche Bank has announced that it is to open a branch in the Danish capital of Copenhagen Denmark is one of the German financial institution’s key areas for growth and opportunity, particularly for its Corporate and Investment Banking divisions Klaus Bisgaard has been named as the leader of the new branch, which will focus upon provision of...
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02 September, 2010 09:42
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USA > Bank news
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Lloyds acquires stake in Mountain Warehouse
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Lloyds Banking Group is reported to have purchased a minority stake in Mountain Warehouse The private equity arm of the bank is understood to have acquired a 20% share in the outdoor specialist, which has plans to extend its branch network The acquisition has reportedly been made from Icelandic investment firm, Arev, which became involved with the...
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02 September, 2010 09:10
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USA > Bank news
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Detached homes put on ?91 a day
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Finance News
The average price of a detached family home has risen by more than any other property type over the past year According to new research from Halifax, owners of detached properties saw the value of their homes increase by ?91 a day over the year to the end of June, with a 13% leap taking the average value of a stand alone property to ?299,295 By comparison,...
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02 September, 2010 08:38
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USA > Bank news
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US factory data offset double dip recession fears
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Finance News
The US Institute for Supply Management (ISM) has offset fears of a double dip recession in America by reporting a rise in its index of factory activity, to 563 in August, up from 555 in July A reading in excess of 42%, over a period of time, generally indicates an expansion of the overall economy and the August result suggests growth has occurred for...
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02 September, 2010 07:48
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USA > Bank news
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Nationwide considers mortgage market changes
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Finance News
Nationwide has noted significant changes in the UK mortgage market in the past two years Attractive standard variable rates have meant fewer borrowers coming to the end of fixed-rate deals have remortgaged onto a new fix, with the proportion of mortgage balances on fixed rates falling from 48% to 36% between the final quarter of 2008 and the first...
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02 September, 2010 07:13
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USA > Bank news
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Nationwide: house prices fall for second month in a row
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Finance News
UK house prices saw their second consecutive monthly fall in August, according to Nationwide The lender recorded a 09% decline in the average value of a home, following a 05% month-on-month fall in July The annual rate of inflation remained in positive territory at 39% but was down sharply, from 66% in July and 87% in June, and the three-month rate...
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01 September, 2010 17:26
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USA > Bank news
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Deutsche Bank appoints Kazakhstan chief
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Deutsche Bank has announced the appointment of Ulf Wokurka as chief country officer in the Republic of Kazakhstan He brings more than two decades of banking experience to his new position, including 16 years occupying senior management positions within Deutsche Bank Wokurka has worked in London, New York and Central and Eastern Europe and established...
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01 September, 2010 17:12
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USA > Bank news
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Cable & Wireless Worldwide, TUI Travel up on sale rumors
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Finance News
European equities markets saw significant gains Wednesday as investors ignored disappointing news in the region in favor of better news from around the world as purchasing managers indexes in the US and China were higher in August In the US, the Institute for Supply Management said its manufacturing index was at 563 in August, up from 555 in July and...
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01 September, 2010 13:49
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USA > Bank news
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Soaring bad debt hits credit card lenders
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Finance News
UK banks are facing mounting losses from credit card customers, with figures from the Bank of England showing write-offs rising to ?21 billion in the three months to the end of June, up from ?13 billion in previous quarter According to a BBC report, the 2010 total for bad credit card debt now looks set to exceed the record ?41 billion written off by...
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01 September, 2010 11:51
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USA > Bank news
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NBG Group announces H1 profits
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National Bank of Greece (NBG) Group has announced that in the first six months of 2010 it achieved net profits of €146m Net interest income rose by 8%, year-on-year, to reach €2,075m, and provision coverage ratio increased by 31% to 63% (€649m) The bank’s Greek activities saw a 3% rise in core income to €1,451m, but incurred a loss of €159m compared...
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01 September, 2010 11:32
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USA > Bank news
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Eurobank reports declining profits in H1
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Eurobank EFG has released its financial results for the first half of 2010, including a 44% slump in net income to €95m In the second quarter net income was recorded at €34m, approximately half that of the €61m net income achieved in Q1 However, the picture was mixed, with Central and Southeastern Europe emerging from the red of a year ago to record...
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01 September, 2010 11:17
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USA > Bank news
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Bank of Cyprus reports H1 2010 profits
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Bank of Cyprus Group has reported its interim financial results for the first six months of 2010, including net profits of €163m, a 10% rise compared to the corresponding period last year Profits before provisions were recorded at €328m, 27% better than the result achieved in H1 2009 Pre-tax profits were €180, an improvement of 10% on the same period...
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01 September, 2010 09:14
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USA > Bank news
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House purchase mortgage lending stands still
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Finance News
New figures from the Bank of England show total net lending secured on UK dwellings increasing by ?01 billion in July, although the rise is well below June’s increase of ?05 billion and the previous six-month average of ?08 billion Approvals for house purchase stood at 48,722 with the total broadly in line with a month earlier (48,562) and the...
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01 September, 2010 10:52
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USA > Bank news
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Australia’s economy shows promise
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Finance News
Latest figures from the Australian Bureau of Statistics show the country’s GDP growing by 12% in the second quarter of 2010, compared with 07% in the previous three month period The spurt, which was driven by a 16% increase in household expenditure and an increase in exports of 56%, puts economic growth at 33% for the year to the end of June...
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