JPMorgan, the US banking giant that rescued Bear Stearns earlier this year, has held talks with several interested parties about forming a consortium to break up HBOS, the UK's biggest mortgage lender which includes the Halifax brand, The Telegraph reports.
JPMorgan is understood to have spoken to a large Australian bank, thought to be National Australia Bank (NAB).
It has also approached private equity firms. Spain's Santander could also be approached, sources said.
The model bears a resemblance to break-up bid for ABN Amro last year. JPMorgan could act as the adviser to the group, playing the same pivotal role as Merrill Lynch in the ABN deal.
AFTER YEARS OF boom, official figures on the economy published today will show that growth has slumped to nearly zero, leaving the nation already in, or close to, recession, according The Independent.
The Office for National Statistics figures for growth during the second quarter of this year are forecast to show a rise of between zero and 0.3% on the first three months of 2008.
That would push the average annual growth in the economy down from 2.3% to about 1.6% – the sharpest deceleration since 1995.
A FORMER PARTNER at Cazenove, the Queen's stockbroker, has been charged with insider dealing by the Financial Services Authority in the regulator's second criminal prosecution, The Times reports.
Malcolm Calvert, a former trader who retired from Cazenove in 2000, is accused of exploiting inside information about planned takeovers in which Cazenove was involved. He is alleged to have bought shares in six companies including HP Bulmer and RAC.
Mr Calvert, 63, from Cobham, Surrey, appeared at City of Westminster Magistrates' Court yesterday when he indicated a plea of not guilty to 12 counts of insider dealing.IFAonline
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