European banking correspondent
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Dec 16, 2014

Cerberus buys more Europe property assets with RBS, NAB deals

LONDON/SYDNEY (Reuters) – U.S. private equity firm Cerberus snapped up billions of pounds of loans in Ireland and Britain in a pair of deals on Tuesday, reinforcing its position as one of the biggest buyers of European property assets at knock-down prices.

Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) said it sold a package of 5,000 commercial property loans with a face value of 4.8 billion pounds ($7.5 billion) to Cerberus as part of its plan to shrink its Irish business.

Dec 11, 2014

Investors call for Standard Chartered to plan for life after Sands

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) is being urged to plan for life beyond Peter Sands after a strategy update last month failed to restore confidence in the chief executive among some investors.

After eight years, Sands is one of the longest serving CEOs at a major global bank. But a series of problems in the last two years and a rise in bad debts have raised questions about his ability to steer the bank through a low growth era.

Dec 10, 2014

Ex-Northern Rock customers set for $405 mln payback

LONDON, Dec 10 (Reuters) – More than 40,000 British
borrowers are in line to get thousands of pounds in compensation
after London’s High Court ruled against former bank Northern
Rock in a test case over the wording in past loan documents.

The court judgment said about 258 million pounds ($405
million) could be paid out in compensation by British taxpayers,
as the government now owns the part of the bank that made the
loans.

Dec 10, 2014

Ex-Northern Rock customers set for 258 million pounds payback after court ruling

LONDON (Reuters) – More than 40,000 British borrowers are in line to get thousands of pounds in compensation after London’s High Court ruled against former bank Northern Rock in a test case over the wording in past loan documents.

The court judgement said about 258 million pounds could be paid out in compensation by British taxpayers, as the government now owns the part of the bank that made the loans.

Dec 10, 2014

Ex-Northern Rock customers set for payback after court ruling

LONDON (Reuters) – More than 40,000 British borrowers are in line to get thousands of pounds in compensation after London’s High Court ruled against former bank Northern Rock in a test case over the wording in past loan documents.

The court judgment said about 258 million pounds could be paid out in compensation by British taxpayers, as the government now owns the part of the bank that made the loans.

Dec 10, 2014

Ex-Northern Rock customers set for $405 mln payback after court ruling

LONDON, Dec 10 (Reuters) – More than 40,000 British
borrowers are in line to get thousands of pounds in compensation
after London’s High Court ruled against former bank Northern
Rock in a test case over the wording in past loan documents.

The court judgment said about 258 million pounds ($405
million) could be paid out in compensation by British taxpayers,
as the government now owns the part of the bank that made the
loans.

Dec 10, 2014

StanChart sets up financial crime committee after U.S. scrutiny extension

LONDON (Reuters) – Standard Chartered has set up a
board committee responsible for financial crime compliance, a
day after U.S. authorities extended monitoring of the bank by
three years.

Standard Chartered said on Wednesday its new Board Financial
Crime Risk Committee (BFCRC) will be chaired by Simon Lowth, who
has been a non-executive director at the bank since May 2010 and
is BG Group’s finance director.

Dec 5, 2014

Canary Wharf owner rebuffs new 2.6 billion pound bid from Qatar

LONDON (Reuters) – The owner of London’s Canary Wharf on Friday rebuffed a raised 2.6 billion pound bid for the financial district from Qatar and a North American investor saying it was too low.

Songbird Estates (SBDE.L: Quote, Profile, Research) said the 350 pence per share offer from Qatar Investment Authority (QIA) and Brookfield Property Partners LP (BPY.N: Quote, Profile, Research) “does not reflect the full value of the company, its unique position and future growth potential”.

Dec 5, 2014

Canary Wharf owner rebuffs new $4 billion bid from Qatar

LONDON (Reuters) – The owner of London’s Canary Wharf on Friday rebuffed a raised 2.6 billion pound ($4.1 billion) bid for the financial district from Qatar and a North American investor saying it was too low.

Songbird Estates (SBDE.L: Quote, Profile, Research, Stock Buzz) said the 350 pence per share offer from Qatar Investment Authority (QIA) and Brookfield Property Partners LP (BPY.N: Quote, Profile, Research, Stock Buzz) “does not reflect the full value of the company, its unique position and future growth potential”.

Dec 3, 2014

Banks to pay extra $6.3 billion UK tax over next five years

LONDON (Reuters) – Banks will pay an extra 4 billion pounds ($6.3 billion) in taxes over the next five years due to changes announced in the autumn statement, Finance Minister George Osborne said on Wednesday.

Osborne said he would change rules which enable banks to offset losses from the financial crisis of 2007 to 2009 against tax on profits for years to come, which had meant some banks wouldn’t be paying tax for 15 or 20 years.

    • About Steve

      "Responsible for overseeing coverage of the European bank sector and direct coverage of the international UK-based banks, based in London. Have been in current role for three years, and for previous three years was UK banking reporter. Have over 15 years experience as a financial newswire journalist in London and New York."
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