European banking correspondent
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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.

Dec 3, 2014

UK banks to pay extra 4 billion pounds tax in next five years

LONDON (Reuters) – Britain’s banks will pay an extra 4 billion pounds in taxes over the next five years due to changes announced by Chancellor George Osborne in his autumn statement.

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 meant some banks wouldn’t be paying tax for 15 or 20 years.

Dec 3, 2014

UK banks to pay extra $6.3 bln tax in next five years

LONDON, Dec 3 (Reuters) – Britain’s banks will pay an extra
4 billion pounds ($6.3 billion) in taxes over the next five
years due to changes announced by Finance Minister George
Osborne in his autumn statement.

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 meant some banks
wouldn’t be paying tax for 15 or 20 years.

Dec 2, 2014

Standard Chartered may appoint new banking advisers

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) said it is considering replacing its banking advisers, UBS and JPMorgan, and has invited rival investment banks to pitch for the potentially lucrative business.

The Asia-focused bank, which is battling to turn around its business after a trio of profit warnings and a slump in its share price this year, has engaged UBS (UBSG.VX: Quote, Profile, Research, Stock Buzz) and JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) as its corporate brokers for several years.

Nov 26, 2014

Ex-Barclays boss Diamond says ready to grab banking bargains

LONDON, Nov 26 (Reuters) – Former Barclays boss Bob
Diamond said he intends to snap up banking assets to take
advantage of the best opportunities in the industry for decades,
as banks shrink and valuations remain depressed.

Diamond is one of the world’s best-known bankers after
building Barclays’ investment bank over a decade and becoming
chief executive. He was forced out in 2012 by UK regulators
after the lender was fined for attempted rigging of Libor
interest rates.

Nov 19, 2014

Hackers to probe cyber crime defenses at British banks

LONDON (Reuters) – In the next few months hackers will try to penetrate the cyber defenses of Britain’s major banks and steal information about millions of customers. But for once they’ll be welcome.

Banks are on red alert after cyber criminals obtained details of 83 million clients from JPMorgan Chase this year and Britain’s leading lenders have signed up for tests that let teams of certified hackers attack at will.

Nov 13, 2014

Standard Chartered bad debts seen near third-quarter level in near-term

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research) expects its losses from bad debts to remain near to the higher level it reported in its third quarter for the next few quarters, its finance chief said.

“For the moment the level of overall impairment we saw in the third quarter is probably what we would expect directionally for the next few quarters. It’s not entirely predictable, but in that sort of space,” Andy Halford, finance director, told reporters on a conference call on Thursday.

    • 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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