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Bank of Scotland launches bid for NatWest

The Bank of Scotland has launched a £20.8bn takeover bid for National Westminster.

The announcement throws into doubt NatWest&#39s proposed takeover of insurer Legal & General.

If the deal goes through BoS says NatWest would remain a seperate unit and retain its name.

Following the offer, NatWest shareholders will hold approximately 68% of the merged bank

BoS said it would sell off non-core NatWest businesses. This could include its asset management arm Gartmore.


eXchange launches on-line mortgage subsidiary

The eXchange is launching an on-line mortgage packaging will be available to both consumers and IFAs from October 1.The service will be able to process mortgage and re-mortgage applications on-line.The Exchange chief executive Paul Lindsey says: & will be a significant net based business adding value for both consumers and intermediaries. The business will […]

Bank staff caught between rock and hard place

Banks are complaining they have become stuck between a rock and a hard place thanks to Government policy according to the Financial Times.The report says the banks see themselves caught between the Treasury&#39s desire to lower barriers deterring people from opening bank accounts and the Home Office stringent defences against money laundering.The Treasury policy action […]

Norwich & Peterborough hikes interest on fixed rate bonds

Norwich & Peterborough is increasing its savings rates across its range of fixed rate bonds and its fixed rate mini-cash Isa and Tessa only Isa.The rate increases range from 0.2 per cent on its Isa funds to 0.4 per cent for annual interest on its one year fixed rate bond.The new rates will take effect […]

Equitable downgraded by Moody&#39s

Equitable Life&#39s financial strength rating has been downgraded by Moody&#39s according to the Financial Times.The Moody&#39s has reduced Equitable&#39s financial strength rating from Aa3 to A1.The ratings agency says it has downgraded the life office because of the increased pressure on its minimum solvency brought about by the need to make provision for guaranteed annuities.The […]


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