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NatWest pledge to hand out £3.5bn

National Westminster Bank has promised it will return £3.5bn to shareholders in its final defence bid against Royal Bank of Scotland and Bank of Scotland.

The beleaguered bank guaranteed if shareholders allowed it to remain independent it would immediately launch a £1.5bn tender offer to buy back its own shares and to pass on the proceeds from the sale of Ulster Bank and Gartmore.

Natwest chairman Sir David Rowland unveiled estimated pre-tax profits for last year of £2.3bn, eight per cent up on 1998.

Rowland says: “It is common ground between all of us we can do better, because we&#39ve got one hell of a business.”

BoS and RBS have less than a week left to revise their offers.


NI threat to private health care

Private medical insurance provided by employers faces a threat under National Insurance changes to be introduced in April.Employers are to pay NI contributions of 12 per cent on PMI benefits provided to their staff, causing a potential re-think at many large companies.Leader of the Opposition William Hague is calling the government to review the tax […]

Invesco technology probe

The end is nigh for technology stocks, according to Invesco.As part of his presentation on “meeting the new European environment”, Invesco head of pan-European equities Rory Powe claimed the distinction between technology and non-technology stocks will disappear over the next few years.The fund manager argued the phrase “internet company” will be used less and less, […]

Woolwich mortgage moves

The Woolwich is launching a range of two year fixed rate mortgages.The new range includes a 6.39 per cent facility under its Open Plan flexible mortgage, plus a re-mortgage with a fixed rate of 6.69 per cent for 2 years, plus a 6.84 per cent deal under the Switch and Save re-mortgage.Borrowers who want to […]

Savings limit boost

Savings limits for people on means-tested benefits are set to rise under new Government plans.The move comes as part of a comprehensive spending review by social security ministers and is set to treble capital limits for those on benefits also and raise the limit on the amount individuals can claim against the cost of long-term […]


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