Commercial banks
Lloyds TSB, seeking to outmaneuver Bank of Scotland, is reportedly prepared to disrupt an agreed merger between Abbey National and Bank of Scotland, with a potential #20bn hostile bid for Abbey. This move would mirror Bank of Scotland's failed attempt to acquire NatWest through a hostile bid. The
Commercial banks
A £50m compensation package has been set aside by the Royal Bank of Scotland to make up for shortfalls in its mortgage endowment product, the Flexible Mortgage Plan, which affected 30,000 policyholders. The company's mortgage endowment arm, Royal Scottish Assurance (RSA), has been fined a record £2m
Commercial banks
The Financial Services Authority's (FSA) fine of £2 million on the Royal Scottish Assurance (RSA) for mis-selling of endowment mortgages is the largest yet imposed by the regulator. The impact of this fine on RSA is far-reaching, with the company setting aside £50 million to cover compensation claims
Commercial banks
National Australia Bank, owner of the Clydesdale, Northern and Yorkshire banks, has confirmed plans to expand its operations in Britain, with speculation growing over a potential bid for Bank of Scotland. The Australian bank has also agreed to sell its Michigan National unit in the US to ABN Amro for
Commercial banks
National Australia Bank (NAB) yesterday highlighted the opportunity for a UK acquisition or merger, further fuelling expectations of a deal with Bank of Scotland or Abbey National. The bank's managing director, Frank Cicutto, addressed a Securities Institute lunch in Australia, stating that NAB had been highly encouraged by
Commercial banks
Oracle has launched the OracleExchange.com Affiliate Program, which allows customers to provide links to Oracle's horizontal B2B marketplace, expanding their business by leveraging exchange services. Key partners include Citibank, NetGov, and other large and smaller organizations. The program enables affiliates to share revenues generated from links or
Commercial banks
Citigroup has announced the introduction of two online services: Cititrade, a new discount, standalone online investment service for the quality-conscious investor, and Citibank Online, an enhanced Internet banking service recently rated number one in online banking by Gomez. The launch of these services further demonstrates Citigroup's commitment to
Commercial banks
The Royal Bank of Scotland (RBS) has attracted the attention of the UK's Competition Commission, which has launched an inquiry into the clearing banks' services for small to medium-sized enterprises (SMEs). The commission's initial observation suggests that RBS may hold a monopoly in the SME
Commercial banks
Clydesdale Bank has reported stagnant underlying profits of £235m for the year to September, with surging costs playing a major role in the lack of progress. Despite a 17% rise in bottom-line profits before tax to £185m, the bank's cost-to-income ratio jumped from 47.9% to 50.6%
Commercial banks
The National Australia Bank (NAB) has announced a record group operating profit of $3,377 million for the year to September 30, 2000, an increase of 19.8 percent on the previous year. This milestone demonstrates the bank's strong growth in lending and fee-based activities, as well as
Commercial banks
Sterling Financial Corporation, a leading savings and loan holding company, has announced a 10% stock dividend in recognition of its shareholders' continued support. This decision comes after a year of positive financial performance, demonstrating the company's steady growth and commitment to its stakeholders. The dividend will be
Commercial banks
BancFirst Ohio Corp., the holding company for The First National Bank of Zanesville, has announced a 22% increase in net income for the third quarter of 2000. The company's net income for the quarter ended September 30, 2000, was $3.8 million, up from $3.2 million for
