Kensington Group, the specialist lender for customers with patchy credit histories, has put itself up for sale in what could be a £500m deal, says the Scotsman .
The company, led by chief executive John Maltby, told the markets the firm is "continuing its review of the group considering the best options to maximise shareholder value. There can be no certainty that it will lead to an offer for the company".
Kensington is understood to have hired investment bankers at NM Rothschild who have already pitched the bank to US financial institutions including Bank of America, Wachovia and General Electric, reports the paper.
Barely three weeks ago, Maltby warned fierce competition from a batch of new arrivals in its market had increased pressure on margins and the company warned on profits in November.
THE BANK of England has issued a stark inflation warning, telling markets to prepare for many more years of volatile prices and economic growth, says the Daily Telegraph.
The Monetary Policy Committee (MPC) said it expects sterling to take a tumble at some point, as the record UK current account deficit unwinds.
In written evidence for the Commons' treasury select committee, the MPC urged markets and the public not to assume it would be able to replicate the steady performance of the past decade.
In a blow to Gordon Brown, who has often claimed full responsibility for the low inflation since 1997, the submission also ruled out the possibility this "great stability" was purely a product of the Chancellor's decision to grant the Bank independence to set interest rates. "
HALIFAX IS urging customers to step forward and claim the £44m held in 110,000 savings and bank accounts which have not been touched for 15 years, reports the Guardian.
The bank launched its campaign to reunite customers with forgotten money ahead of a drive by the Treasury to use money in these so-called dormant accounts for charitable causes.
The Treasury wants banks to pour the millions of pounds it believes sits unused in such accounts into a central pool which can then be distributed to charities supporting youth causes and financial literacy.
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