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NatWest set to sell off Ulster arm

National Westminster Bank is planning to sell the fund management arm of its Irish subsidiary Ulster Bank as part of its defence against Bank of Scotland&#39s hostile take-over bid.

Ulster Bank Investment Managers is worth around £72m and has nearly £4.5bn in assets under management. The sale is part of Natwest&#39s “wide-ranging review of Ulster Bank&#39s business.”

Natwest is deciding whether to list UBIM on the London stock exchange or sell it to a third party.

Natwest spokesperson David Beck says: “Natwest are disposing of businesses that are no longer part of its retail banking core. The opportunity to sell UBIM or give the unit its own listing will get a better result for our shareholders.”


Halifax mortgage share static

Halifax has failed to increase its share in the mortgage market in the last six months of the year.The has bank announced its market share is set to hold steady at 7 per cent net and 15 per cent gross for the last half of this year. This is similar to figures for the first […]

Pension fund goes green

One of Britain&#39s biggest pension funds is going green.The Universities Superannuation Scheme has bowed to pressure from senior academics whose pensions are paid by the fund, to be more active on ethical issues.The fund controls £20bn assets and will use specialist researchers to confront companies over their social and environmental records.Their research will help fund […]

Borrowers shun traditional mortgage – survey

Borrowers are shunning traditional style mortgages in favour of more flexible products, according to new research by Mori.The Alliance & Leicester-commissioned poll of 2,000 people showed one in three respondents found mortgages allowing quicker pay-off the most attractive.A&L mortgage manager Jill Butterwood highlighted borrowers were looking for mortgages with the flexibility to adapt to changes […]

Lenders call to drop compulsory insurance

Specialist mortgage lenders are calling upon the Government to abolish compulsory insurance and make redemption charges clearer. Lenders made their views known at the second of a series of mortgage “summits” with trade and industry secretary Stephen Byers.Byers met nine lenders who argued redemption penalties should be expressed as a cash sum and should not […]


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