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RBS calls to US in NatWest bid

Royal Bank of Scotland is looking for US support in its £21.8bn hostile takeover bid for National Westminster Bank.

RBS chief executive Sir George Mathewson is flying to the States to woo US shareholders, having registered the offer with the US Securities and Exchange Commission .

The bank now has a week&#39s head start over rival bidder Bank of Scotland which will attempt to win over the US parties holding between 7-9 per cent of Natwest shares next week.

Meanwhile, Natwest is planning to start a round of meetings to try and convince institutional savers its new management team justify remaining independent.


Portman expels hundreds of carpetbaggers

Portman is expelling 450 members in the latest move against carpetbaggers.Members who voted in favour of calling for demutulisation last November have been given a month&#39s notice of the termination of their membership. The move follows the expulsion of carpetbagger ringleader Richard Yendall in December.Portman says it will allow the expelled members back in if […]

CML calls for reform

The Council of Mortgage Lenders is warning the Government not to take a “piecemeal” approach to mortgage regulation.Its recommending the FSA should take charge of all mortgage regulation and that the government should also decide what information disclosure would be best for consumers.The trade body is also urging the Government to consult widely on what […]

NatWest survival prediction

National Westminster has boosted its chance of fending off takeover to more than 50 per cent, according to a City analyst.Brokers Teather & Greenwood banker analysts Martin Cross says Natwest&#39s chances are stronger since it warned investors of the historical problems with complex mergers and strengthened its management.Cross says: “We predict that Natwest will survive.”But […]

Stakeholder army grows

Norwich Union, Virgin and Direct Line have formally joined the growing army of life offices expected to offer stakeholder pensions.Supermarket Marks and Spencer and Tesco have already pledged involvement.The move flies in the face of industry worries the maximum 1 per cent annual charge for running clients&#39 stakeholders is too low.But while big players like […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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