Banco Santander's bid for Abbey has passed another hurdle after European Commission competition comm...
Merging a Spanish bank with a UK one goes a long way towards helping create the elusive single market in financial services, the paper quotes Monti.
However, the statement comes before any official announcement from the EC of its review of the bid, and competitor HBOS is said to be “furious” at the comments, which it says are “kin to a judge commenting on a case before it has been heard in court”.
The FT adds EC officials are privately “dismissive” of HBOS’ complaint over competition issues linked to the BS bid for Abbey.
CITY-BASED FIRMS COULD find they cannot get business insurance unless they can prove to their insurers they have sufficient anti-terrorism safeguards in place, reports The Times.
Insurers and government are in discussions about new rules, which would force companies to put in place so-called “business interruption arrangements” before being able to secure cover.
This could oblige firms to have a second, fully-operational site outside the City, with plans in place to ensure staff are informed during an emergency. Sufficient budgets to afford such backup would also have to be proven before insurance would be offered.
Despite events such as the attacks on targets in the US on 11 September, 2001, corporate spending on business security has not increased markedly, and the UK government is concerned because current rules mean it acts as insurer of last resort.
IRISH LIFE & PERMANENT, the republic’s largest life insurer, may table a euro 1bn bid for parts of National Australia Bank’s UK and/or Irish businesses, reports The Daily Telgraph.
NAB owns Yorkshire Bank, Clydesdale Bank, Northern Bank in Northern Ireland and National Irish Bank in Ireland.
It is looking to offload assets following a massive foreign currency exchange scandal that cost several top executives their jobs and is forcing asset sales in order to restore a share price that has tumbled.
Additionally, National Irish Bank has been investigated over allegations it avoided paying tax and underpaid interest on client accounts.IFAonline
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till