| Weir calls shots for Barclays in corporate bank campaign
Barclays is shrugging off the banking crisis with an aggressive attack on the Scottish corporate market led by Derek Weir, former business banking chief at its arch UK rival Royal Bank of Scotland. The English bank, which last week unveiled a £1.3bn debt write-down after a 20% fall in its shares since early October, has hired more than 20 bankers from Scottish market rivals, many of them hugely experienced, and acquired three properties in the major cities. "That gives us the capacity over the next few years to treble the size of the team," said Weir, who was credited with growing Royal Bank's market share from 3% to 40% over five years. He plans not only to expand in Barclays' existing sectors of oil and gas, leveraged finance, the education and social sector, and larger corporates, but to build a commercial banking business across Scottish towns and cities under former Clydesdale executive Jim Forrest.
PNC Completes Purchase of Yardville
PNC Financial Services Group Inc., which provides retail and business banking services, on Friday completed its cash-and-stock acquisition of commercial and consumer bank Yardville National Bancorp. Yardville shareholders will receive about $156 million in cash and 3.4 million shares of PNC stock, which added $2.39, or 3.4 percent, to close at $72.11. PNC's stock has traded between $64 and $76.41 in the past year. Yardville shareholders will receive about $34.17 per share based on terms of the agreement, according to PNC. Hamilton, N.J.-based Yardville, which serves individuals and small- to mid-sized businesses, had about 11.2 million shares outstanding. Yardville branches will continue normal operations until being converted to PNC branches in the first quarter of 2008.
St George best business bank
ST GEORGE Bank has thrashed the majors in the business banking service ranks, particularly Commonwealth Bank of Australia (CBA), which continued to lag the pack, a survey says. Regional banks were rated better business bankers by their customers than the big four in a monthly survey for October of 850 customers by consultant East & Partners. On a scale from one to 10, the best ranked banks were the regionals, which were pooled together in the survey and received a collective score of 6.54. St George came second with a score of 6.05. National Australia Bank got the best score out of the majors of 5.61, while CBA came last with 4.14. "Arguably, these figures are fairly ordinary,'' East & Partners senior manager Robert Morgan said. "At the top end you've got 6.54, but that's only just over the medium point of five.'' Mr Morgan said the increasing competitiveness and complexity of business banking had made customers more discerning.
Banker Gersh looks to new lands
JOE Gersh's Melbourne-based property investment bank is in early talks to buy or merge with aBritish firm as it looks to expand first to Sydney, then internationally. In August, Mr Gersh struck a deal to sell his remaining 70 per cent in Gersh Investment Partners to Queensland-based fund manager and tourism group MFS in a deal valued at $97.95 million. GIP will concentrate on real estate investment banking, largely sourcing developments for MFS's suite funds. Mr Gersh said he expected to build a practice of about 12 real estate investment bankers in Sydney in the next year. There were no Sydney executives yet, but discussions were being held with a potential new head for the Sydney office. In Melbourne, the Gersh operation has 14 staff.
RBS looks back on 'week from hell'
SENIOR executives at Royal Bank of Scotland will use the weekend's respite to take stock of a "week from hell" that saw its share price flayed by a staggering 15.3 per cent, amid persistent rumours that Scotland's largest company was dangerously exposed in the subprime market. In an ostentatious vote of confidence in the bank's price, chairman Sir Tom Mckillop was shown yesterday to have purchased 118,000 shares at 419.5p each, more than doubling his holding to 208,000. .
Financial Services Firms Increasing Spending, But Priorities Differ
Spending is increasing among financial services firms across the insurance, banking and securities/capital markets sectors. But priorities differ, according to a joint survey conducted by Insurance & Technology and its sibling publications, Bank Systems & Technology and Wall Street & Technology.
By Anthony O'Donnell, Maria Bruno-Britz and Penny Crosman
Insurance & Technology
November 19, 2007
If the confidence of financial services firms was shaken by this year's subprime mortgage lending crisis, it certainly isn't reflected in their IT budgets for 2008, judging by a joint survey of insurance companies, banks and securities firms conducted by Insurance & Technology and its sibling publications, Bank Systems & Technology and Wall Street & Technology.
London afternoon: Footsie extends gains
LONDON (SHARECAST) - Londons blue chips extended gains, helped by miners, ahead of what is expected to be a higher start on Wall Street. British inflation unexpectedly fell below the Bank of England's 2% target. The Office for National Statistics said consumer prices rose 1.9% from a year earlier down from 2.4% in June and against expectations of a 2.3% rise. Brewer Scottish & Newcastle is leading the risers on renewed talk of bid interest from Danish firm Carlsberg. Miners reversed earlier losses and are now amongst the risers with Anglo American up after HSBC Holdings raised its recommendation on the miner to "overweight" from "neutral." Other miners such as Antofagasta rose in sympathy, while higher copper prices in New York also helped. Banking stocks have moved ahead with Northern Rock up, while Royal Bank of Scotland is higher as its consortium announced increasing its holding in takeover target ABN AMRO to 3.25%.
London close: Footsie slumps after rally peters out
LONDON (SHARECAST) - London began to rise steadily after a weak start but things were turned on their head by the end of the day. Wall Street started to head lower in the middle of the afternoon and Footsies gains evaporated as it followed suit. Footsie slumped towards the close and ended just above its low for the day. Not even good economic news could sustain the earlier share price rises and there were only a handful of shares in positive territory. British inflation unexpectedly fell below the Bank of England's 2% target. The Office for National Statistics said consumer prices rose 1.9% from a year earlier down from 2.4% in June and against expectations of a 2.3% rise. Real estate and housebuilders, such as Hammerson, Liberty International and Barratt Developments, couldn't make up their mind which way to go.
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