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Lloyds Banking Group has received institutional demand to swap 1.6bn dollars worth of its Enhanced Capital Notes (ECNs) for new additional Tier 1 (AT1) capital bonds. ECNs were bonds issued to help bail out the bank in 2009 and are also known as contingent convertibles or Cocos. The bank will have
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* Osborne says 'at no point did Treasury interfere' * Says decision to proceed with Co-op was matter for Lloyds, FSA (Adds quotes from Osborne letter to committee) By Matt Scuffham LONDON, April 3 (Reuters) - Britain's finance ministry did not interfere in the process of state
Read moreLONDON, April 3 (Reuters) - Britain's financial watchdog said it would launch a competition review into the 150 billion pound ($250 billion) credit card market to assess if people in financial trouble are being treated fairly. The Financial Conduct Authority said on Thursday 30 million Brit
Read moreLONDON, April 3 (Reuters) - Britain's finance ministry did not interfere in the process of state-backed Lloyds Banking Group's planned sale of hundreds of branches to the Co-operative Bank, finance minister George Osborne told lawmakers. The Treasury Select Committee, which examines the wor
Read moreLONDON, April 2 (Reuters) - Britain's top banking supervisor said on Wednesday he wants most of a banker's bonus deferred for longer than the current average of three years. "I would like to see deferral increased," Andrew Bailey, Bank of England Deputy Governor and chief executive of its P
Read moreBy Jamie McGeever LONDON, April 1 (Reuters) - The global investigation into
allegations of currency market manipulation intensified and
spread its net on Tuesday, as regulators in Hong Kong and New
Zealand said that they are investigating banks' conduct in the
foreign exchange market.
Canaccord Genuity has retained its 'buy' recommendation for engineer Weir Group on the back of a possible merger with Finnish peer Metso, saying that "this deal has the potential to be very exciting". "Our first thoughts are on a strategic basis, a deal would make considerable sense with scope for
Read moreAfrican Barrick Gold: Deutsche Bank raises target price from 240p to 310p and keeps a hold recommendation. African Minerals: Deutsche Bank lowers target price from 399p to 382p, while its buy recommendation is kept. Allergy Therapeutics: Panmure Gordon ups target price from 16p to 25p and retains
Read moreAberdeen Asset Management is set to complete the acquisition of Scottish Widows Investment Partnership (SWIP) after receiving regulatory approval. SWIP and its related private equity fund management businesses are being purchased from Lloyds Banking Group for £550m. SWIP had assets under manageme
Read moreThe recent weakness in Lloyds' shares has prompted Numis Securities to upgrade its rating on the stock to 'buy'. As of Monday's closing price, the stock had fallen 12.5% since hitting a 52-week closing high in mid-January. It has now dropped 5.6% over the past five days alone since the government s
Read moreRatings & estimate changes by Europe's top-ranked* analysts: ** Active Biotech : Goldman Sachs initiates with a buy rating, TASQ potential not factored into share price. ** Adidas AG : drops off Credit Suisse Europe focus list, on FX and unhedged exposure to Russia, 4 of 5 analysts si
Read more* BoE's Bailey: insurance sector well-placed for annuity change * Bailey reiterates that BoE vigilant on housing market By Huw Jones LONDON, March 31 (Reuters) - Banks still need to be persuaded that well-capitalised lenders are important to economic growth, Bank of England Depu
Read moreBy Jamie McGeever LONDON, March 31 (Reuters) - Switzerland's competition commission WEKO said on Monday it had formally opened an investigation into eight Swiss, U.S. and British banks over potential collusion to manipulate foreign exchange rates. The unfolding scandal has so far seen
Read moreBig insurance companies want Martin Wheatley, Chief Executive of the Financial Conduct Authority, to resign after the watchdog sent their shares into freefall by making a misleading announcement about an industry probe, the Sunday Times said. The Association of British Insurers is expected to write
Read more(Adds more detail, background) By Huw Jones LONDON, March 28 (Reuters) - Britain's financial regulators will examine whether computer systems used by the country's banks and building societies are fit for purpose, after a succession of problems which left millions of customers unable
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