Round Up Of Banking and Financial News 09/06/14

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Posted in:Banking and Finance|June 13, 2014 | Join the mailing list

RBS looks to sell stake in troubled Ulster Bank wing
RBS moved closer to selling a chunk of Ulster Bank over the weekend, as part of its long-term plan to limit the damage caused by the troubled business unit.

‘Why interest rates could go up in October’

Richard Woolnough, fund manager of a £20bn bond fund, M&G Optimal Income, has been preparing his portfolio for an earlier than expected interest rate rise for several months.

Jail for bankers who fiddle any benchmarks
Traders who manipulate currency, commodity and interest rate benchmarks could be jailed under a major expansion of the Libor laws.

Coutts in another investment mis-selling scandal
The private bank has written to thousands of customers warning they may have been sold risky investments. Private bank Coutts & Co has admitted it may have exposed thousands of UK customers to unsuitable investments going back more than half a century. The
bank’s chief executive Michael Morley has written to investors warning that some may have been sold products that did not match their risk appetite.

TSB shares to be sold at between 220p and 290p each
Shares in TSB Banking Group will be sold at between 220 pence and 290 pence, it has been announced. Lloyds Banking Group is floating 25% of TSB, with small investors being offered free shares in the newly-listed bank. Investors will get one free share for every
20 shares they buy (up to the value of £2,000) and hold for a period of one year after the flotation.

Royal Bank of Scotland in new push on government stake sale
After six years and a myriad of rows and mis-steps, RBS is to make a fresh push for a return of the bank to private ownership. Senior figures within the bank have told me that the government body responsible for the public’s 80% stake, UK Financial Investments,
has been approached about exploring a series of small stake sales to kick start the process.

Head of the International Monetary Fund, Christine Lagarde, accepts her organisation’s
low growth forecasts for the UK economy were wrong.

Christine Lagarde has asked whether she needs to grovel on her knees before George Osborne over the IMF’s incorrect warnings on the UK economy, as she warned against raising taxes. “Do I have to go on my knees?” Ms Lagarde, the head of the International Monetary
Fund said, when asked whether she has apologised to George Osborne over the fund’s low growth forecasts and calls to adopt a ‘Plan B’ of less austerity – calls the body now accept it got wrong.

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