| Former Abbey boss may bid for Northern Rock
A fourth potential bidder for Northern Rock has emerged - a group led by former Abbey boss Luqman Arnold. Olivant, a private equity firm run by Arnold, has contacted the bank and regulators about a salvage plan. It is understood to want 20% of the business and effective control with the promise that his expertise from stints at Abbey and investment bank UBS Warburg will be enough to transform Northern Rock's prospects. Last night the Northern Rock board was considering the bid as a fall-back option in case the other proposals fail. The bank's chairman Bryan Sanderson is believed to welcome Arnold's interest, but is waiting until an informal deadline for bids, set for this Friday, has passed before assessing its merits. Arnold came to prominence when he was parachuted into Abbey five years ago after it revealed large losses from its wholesale banking operations.
Names and News In Business
Doug Rurup has joined Edwards-Brandt Insurance Agency in Mason City as an agent. He is licensed in home, auto and commercial business insuranceRurup is a Rockwell native and has lived in Clear Lake the past 17 years.A 1983 graduate of North Iowa Area Community College, he has spent the past 14 years with IMI Cornelius in Mason City.He lives in Clear Lake with his son, Austin. Randy Pruisner and RICH FISCHER have been named to the board of directors of Manufacturers Bank & Trust Co.Pruisner has been employed by MBT since 1982 starting as data processing officer and currently serves as the senior vice president of IT and HR. Pruisner is a graduate of Dike High School and has his bachelor of arts in math education from UNI. He also graduated from the Madison Graduate School of Banking.He lives in Forest City with his wife, Lorie.Fischer has been employed by MBT since 1995 as senior vice president and senior loan officer.He graduated from Wartburg College in Waverly with a bachelor of arts degree in business administration and economics and has 38 years of banking experience.He and his wife, Nancy, have two children, Brent and his wife, Joy, and Darrin and his wife, Erica.
(AFX UK Focus) 2007-11-20 23:29 GMT: H&R Block boss resigns as chairman, CEO
KANSAS CITY, Mo. (AP) - H&R Block Inc. said Tuesday that Mark Ernst has resigned as chairman, president and chief executive of the tax preparation and accounting services company. He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the board. Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement. H&R Block shares gained 25 cents, or 1.3 percent, to $19.32 Tuesday. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business. H&R Block has been restructuring in an effort to survive the collapse of the mortgage markets caused by rising interest rates and falling home prices.
Activist investor now chairs H&R Block
Richard Breeden, former Securities and Exchange Commission chairman-turned-activist investor on Tuesday capped a six-month campaign to return H&R Block to its core tax preparation business – and away from mortgage lending – by securing chairmanship of the company. H&R Block said its board of directors had elected Mr Breeden, who replaced Mark Ernst. Alan Bennett, former chief financial officer of Aetna, the insurer, was appointed interim chief executive. In September, Breeden Partners – Mr Breeden's investment vehicle – secured three seats on H&R Block's board in a bid to shift the company from banking and the mortgage business, where it has suffered losses in subprime. Mr Breeden had also argued that the company was losing market share to rival tax preparer Jackson Hewitt and should refocus on tax.
Local Briefs
Argyle Security Inc. reported a net loss of $116,119, or 2 cents a share, for the third quarter. The San Antonio-based electronics security company also reported revenue of $17.1 million for the quarter. Argyle completed its acquisition of ISI Security Group on July 31. Before that, Argyle operated as a shell company, and it had no revenues or profits in the third quarter of 2006. Argyle's growth in the quarter came from existing operations, but the company plans to broaden its business through strategic acquisitions, said Bob Marbut, chairman and co-CEO of Argyle Security. Argyle is traded on the over-the-counter bulletin board, and its stock closed down 8 cents at $6.40 Tuesday. AT&T expands services for mobile banking AT&T Inc.
Completion of Barret Banking School will earn six credit hours toward MBA at ASU
The College of Business at Arkansas State University in Jonesboro has entered into an agreement with the Paul W. Barret School of Banking in Memphis to award six credit hours toward the master of business administration degree to individuals who complete the Barret Banking School program. Harold Perrin, who serves on the McAdams Frierson Chair of Bank Management Advisory Board at ASU, was instrumental in bringing the two institutions together. Perrin is also a former member of the ASU Board of Trustees and a faculty member at the Barret School of Banking. Chris Kelley, executive director for the Barret Banking School, stated that this agreement will provide recruiting benefits for both institutions. Dr. David Kern, who serves as McAdams Frierson Chair of Bank Management at ASU, added that "this agreement provides an excellent opportunity for bankers in our region who want to pursue an MBA degree.
Business: Bank's meeting place for bosses
THE Lord Mayor of Coventry, Cllr Dave Batten, has officially opened a new business lounge aimed at city executives. Cllr Batten cut the ribbon at Lloyds TSB's High Street branch which now offers the bank's customers from Coventry, Nuneaton and Rugby a place to meet. The lounge has a boardroom for up to 14 people, tea and coffee facilities, a chill-out zone and wi-fi. Use of all the facilities is free for customers. Business advisers will also be on hand to offer assistance. Chris Tucker, area director of Lloyds TSB in Coventry and Warwickshire, said: "Lots of small companies lack the space to break away from their desks or hold meetings with clients so we have established the lounge to provide our customers with a great alternative environment. "The new lounge will provide an excellent opportunity for our customers to network with other local business people, talk to a member of our team about their banking requirements, or simply take a break from the office." .
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