Abbey National has reported a 31% hike in profits, slightly ahead of growth at its Spanish parent Banco Santander, reports the Scotsman .
Net profits in the nine months to the end of September totalled 743 million euros (£498.5m), while Santander banked 4.8 billion euros – a rise of 28%.
The group has benefited from cost cutting at its British operation and strong lending revenues from Latin America, says the paper.
Santander has slashed 5,800 jobs since its £9bn-plus takeover of Abbey two years ago, including around 1,800 in the current year.
During the summer fast-growing assurer Resolution secured a £3.6bn deal for the closed-life funds of Abbey – home of Scottish Mutual and Scottish Provident.
JOHN LAING has recommended a £957.5m cash offer from a private equity fund owned by the German financial giant Allianz, says the Daily Telegraph.
The bid tops an £887m cash offer last month by a fund owned by investment management group Henderson.
John Laing had recommended the Henderson bid and agreed to pay an £8.9m break fee if it accepted a rival offer.
Allianz's 385p-a-share offer is a 39.7% premium to John Laing's closing price on September 13, the day before it revealed it had received an approach.
TWO DOZEN wealthy London bankers woke up yesterday considerably richer as they joined the elite partnership of Goldman Sachs, says the Times.
The gilded few became multimillionaires overnight and they will be eligible for a share of the bank’s record profits of $9bn (£4.7bn), earning them about $10m on top of their bonuses, which are also as high as $10m.
The bank has already set aside $13.9bn for bonuses this year.
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