All articles by Douglas Blakey
Douglas Blakey
Erste to axe dividend, delay govt payback and post mega loss
Austria-based Erste Group has said it will record a net loss of between 920m (1.25bn) and 970m for the first three quarters of the current fiscal and is now forecasting a full year net loss of around 700m-800m.
US bank failures hit 76 for year to date
The Federal Deposit Insurance Corporation (FDIC) closed two lenders on 7 October, taking total US bank failures for the year to date to 76. Minnesota-based Riverbank (assets of $417m and deposits of $379m) was shuttered at an estimated loss to the FDIC of around $71.4m.
Oman International linked with Oman unit of HSBC
Oman International Bank (OIB) is eyeing up a possible merger with the Oman business unit of HSBC HSBC is currently reviewing the extent of its Middle Eastern-based business operations, in particular its operations in Qatar, Jordan, Lebanon and Bahrain.
TSC calls on RBS, Lloyds to justify ATM policy
The chairman of the Treasury Select Committee (TSC) a group of backbench Members of Parliament which scrutinises the UK finance ministry and the Bank of England has called on Royal Bank of Scotland (RBS) and Lloyds to justify their policy of restricting basic bank account holders from using ATMs owned by other banks.
Raiffeisen to post profit for FY2011
Raiffeisen has issued a statement confirming it will remain in the black for fiscal 2011, in sharp contrast to the gloomy trading update released by Austrian-headquartered rival, Erste. Raiffeisen posted a consolidated profit (after tax and non-controlling interests) of 615m ($837.8m) for the first six months of 2011; the bank expects a profit for the business year 2011 as a whole, said Raiffeisen.
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Banco Popular snaps up Banco Pastor
Spanish lender Banco Popular is to acquire Banco Pastor in an all-share deal worth around 1.35bn ($1.84bn). Banco Pastor was one of 5 Spanish lenders to fail the European banking sector stress test in July. Combined, Banco Popular (assets of 130m) and Pastor (31bn) will have assets of 161bn.
Dexia falls, Belgian govt acquires local retail unit
The forced break-up of Dexia includes up to 90bn of state funding over the next 10 years from the governments of Belgium, France and Luxembourg, the guarantees split: 60.5% Belgium, 36.5% France and 3% Luxembourg.
CBA extends home loan promotion
Commonwealth Bank of Australia (CBA) has extended its home loans price promotion until the end of October. CBA launched the retail mortgages promotion in September, in terms of which it guarantees to beat any advertised rate of its three major competitors, ANZ, NAB and Westpac. The guarantee is available to new customers who borrow a minimum of A$100,000 ($99,700), as well as existing customers who take out new borrowings of A$100,000 or more.
Dexia break-up on the cards, Belgian unit set to be nationalised
The board of Dexia will meet on 8 October as speculation gathers that its Belgian retail unit is set to be nationalised.
PPI provisions hit Tesco Bank profit, headline earnings rise
Tesco Bank, the financial services arm of the UKs largest retailer, has posted a net profit of £44m ($68m)for the 26 weeks to 27 August, down 65.9% from the year ago period. Tesco Banks profit was hit by a £57m increase in provision for PPI mis-selling; excluding the extra provisioning resulted in a 21.7% fall in trading profits year-on-year to £101m.