The Dutch Supreme Court is poised to reignite the takeover battle for ABN Amro as it delivers a ruling on whether a controversial side sale of the bank's coveted American arm LaSalle can go ahead without a shareholder vote, reports The Times.
**The Guardian goes one further this morning by reporting the Supreme Court has ruled the sale legal.**
Bidders were on tenterhooks this morning ahead of a decision expected shortly after 9am GMT, when Hans Fleers, the Supreme Court judge, begins to read the ruling.
Judge Fleers has been deliberating on whether to unfreeze the side sale of LaSalle to Bank of America. The division was sold to BoA for $21bn in late April, just ahead of an agreed merger deal between Barclays and ABN.
Barclays pressed ahead with a €65bn all-share proposal to buy ABN Amro, subject to the sale being approved.
THE HBOS CHIEF EXECUTIVE Andy Hornby unveiled a £160m assault on Australia's "Big Four" banks yesterday, reports The Independent.
The company plans to take its BankWest operation, whose stronghold is Western Australia, into the country's big eastern cities, targeting 160 new branches within three to four years and pledging to create 3,000 jobs.
The new branches will be concentrated in the Sydney, Melbourne and Brisbane areas, chiefly in busy high streets and shopping malls with high levels of footfall, where 50% of Australia's population lives.
SUB-PRIME MORTGAGE lender Kensington Group yesterday claimed it had closed the door on a troubled year and was ready to benefit from strong demand for self-certificated loans and buy-to-let mortgages, reports The Guardian.
The company, one of the four largest lenders of sub-prime mortgages, announced adjusted pre-tax profits of £26.1m after a fall in sales and interest margins was offset by a cut in its impairment charge for bad loans.
Sub-prime lenders specialise in loans and mortgages for people with irregular finances, such as contract workers and the self employed, as well as those with poor credit histories.
If you would like to comment on this story, contact:
020 7034 2636
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till