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Found 10 results

  1. Struggling bank the Co-op will shut 50 bank branches to help cover a £1.5 billion capital black hole. Reports suggest 10 per cent of its overall workforce, could be axed with job cuts likely to come from its banking division as part of a radical overhaul of its whole business. The Co-op made no comment on the reports. In May, the bank had its credit rating downgraded to ‘junk’ status by credit ratings agency Moody’s and was forced to present a capital plan to the Bank of England after Moody’s suggested the bank may need funding help from other parts of the business. The Capital Action Pla
  2. The Church of England has confirmed that it is part of a consortium that includes the Corsair Capital investment fund and Centerbridge, which is bidding for the 314 Royal Bank of Scotland (RBS) branches currently up for sale. The confirmation follows RBS’s decision to name the consortium as preferred bidder, having endorsed its aim to create a bank with a focus on ethical standards while servicing the needs of retail customers and the UK’s small and medium-sized enterprises (SMEs). The new bank, to be called Williams and Glyn’s, expects to secure a 5% market share of the SME and mid-corpo
  3. Full story http://www.bbc.co.uk/news/business-22276082
  4. Nationwide publicly declared its interest in snapping up 316 branches from Royal Bank of Scotland as it was hit with a £238m bill for past follies. Britain’s biggest building society said the acquisition would help meet its target of gobbling up 10 per cent of the current account market. It added that ownership of the branches would also ‘fit logically’ with its plans to start lending to small and medium-sized businesses by 2014. RBS was forced to sell the branches as a condition of receiving a £45bn bail out. But a £1.65bn deal struck with Santander two years ago fell through last month
  5. Nationwide has launched a self-service current account paying more interest than most High Street savings accounts. The new FlexDirect account pays customers 1.6 per cent after tax (2 per cent before) on balances up to £2,500 — a rate well above the average 0.74 per cent (0.92 per cent) payable on easy access deals. However, it has been dubbed a self-service account because you won’t be able to do any of your everyday banking at counters in branches. Read more: http://www.dailymail.co.uk/money/saving/article-2239359/The-Nationwide-bank-account-puts-branches-limits.html#ixzz2DXYAQbOJ
  6. The deal estimated to be worth around £1 billion is £500 million less than was first anticipated. http://www.dailymail.co.uk/money/markets/article-2173280/Co-op-closes-cut-price-deal-Lloyds-branches.html
  7. Lloyds Banking has agreed terms to sell 630 of its branches to the Co-operative Group resulting in rival bidder NBNK Investments announcing plans to close. The pair have agreed on the commercial terms of the transaction and are now proceeding in exclusive talks for the sale of the Project Verde business. In an announcement on the London Stock Exchange yesterday, Lloyds announced it has ended talks with rival bidder NBNK, which will now be wound up. In a statement NBNK Investments said there were no other UK banking assets available which would meet the company’s objective and has begun to
  8. http://www.dailymail.co.uk/money/saving/article-2156911/Nationwide-closes-23-branches-swings-axe--Yorkshire-opens-more.html
  9. The papers are full of the implications of Lloyds having to dump some branches, but one throwaway comment caught my eye - Virgin are apparently bidding in an effort to set up their own retail banking structure (Hmmn - as long as we don't expect banks to run on time we should be OK) and getting hold of the Lloyds branches will give them a running start, said one paper that I saw, because the branches would be sold as a going concern, customers, mortgages and all. (Some of these "spare" branches are former Cheltenham and Gloucester outlets) Now I don't mind the branch network being
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