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NatWest drafts in Lloyds TSB top gun for survival fight

National Westminster Bank is drafting in a Lloyds TSB boss to help in its fight agains hostile takeover bids by Bank of Scotland and Royal Bank of Scotland.

The bank is taking on Gordon Pell from Lloyd&#39s TSB to head-up its UK banking operations.

Pell, 49, had recently been given responsibility as group executive director of retail at Lloyd&#39s TSB, having also run its retail bank.

Natwest is hoping the new appointment will further boost the new senior management team headed up by chairman Sir David Rowland and chief operating officer Ron Sandler and strengthen its fending off the bid.

Pell says: “I have huge respect for the Scottish banks because I have seen a lot of them as competitors, but at the end of the day they are guerrilla fighters. At Natwest we are talking about massed battalions.”


Bumper year for pension funds

UK pension funds recorded a bumper 1999 with iinvestments on average growing 20.6 per cent. This compares 14 per cent in 1998.Average returns for the decade of the 1990s was 12.5 per cent a year.WM Company executive director Peter Warrington says: “This was an incredible year, with an end-result beyond most people&#39s expectations.”

High-tech frenzy explained

Industry experts are defending the recent rollercoaster ride of technology shares.The widely-reported surge in private investor interest in high-technology stocks in December was followed in the new year with news of cash flowing back into more traditional low-risk sectors.Experts are challenging the apparent knee-jerk reaction claiming investors were picking up shares at lower prices rather […]

SLI bid for nervous investors

Scottish Life International hopes to allay the fears of nervous technology stock investors with a fund .SLI is hoping will win over shy investors looking to get a piece of the high technology sector&#39s action by offering “peace of mind.”The quarterly rolling fund gives 95 per cent capital protection, guaranteeing not to lose more […]

Chelsea and Skipton open door for mutual vote

Chelsea and Skipton Building Society members are being allowed to vote on demutualisation.Directors at both societies have agreed carpetbagging resolutions should be put to the vote Both resolutions request mutual status to be re-considered, possibly leading to conversion and cash windfalls for members.But Chelsea says the “consideration” of changing status should not be seen as […]


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