Royal Bank Of Scotland (RBS) is facing a fine from the American Justice Department (DOJ)which could cost it more than $10 billion.
The bank is one of the last to settle with the US authorities over its role in the mis-selling scandal which was at the very heart of the 2008 financial crisis.Read More
BlackRock – the world’s largest asset manager – is now the biggest shareholder in Lloyds Bank.
The government has sold a further 1% of its remaining shareholding in Lloyds, taking its remaining stake to just 5.95%.Read More
Barclays is being sued by the US Department Of Justice (DOJ) over the mis-selling of $31 billion worth of mortgage backed securities after the regulator rejected a $2 billion offer of settlement in the case.
It is understood that the DOJ was looking for a settlement broadly similar to the $7.2 billion offered by Deutsche Bank who were charged with a similar offence, but Barclays have set $2 billion as the upper limit of hat they are prepared to pay.Read More
Lloyds Banking Group (LBG) is set to buy the Bank Of America MBNA credit card business for a reputed £1.9 billion.
The deal is expected to be completed in the first six months of 2017, subject to competition approval as the move will increase Lloyds share of the UK credit card market to 26%, just one percentage point behind market leader Barclays.Read More
City insiders believe the government may be on the point of finalising the re-privatisation of Lloyds by selling off the last 7% of shares early in the new year.
Financial Times banking editor, Martin Arnold, says the Treasury are considering a placement with institutional investors to complete the government’s exit from the £20.3 billion bail out deal forced by the 2008 financial crisis.Read More