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RBS splashes out £248m on NatWest bid

Royal Bank of Scotland has spent £248m on its hostile attempt to take-over National Westminster Bank.

The sum was disclosed in RBS&#39s official offer document posted to Natwest&#39s shareholders and includes £93m fee to the bank&#39s investment bankers and legal advisers.

The arrival of the document starts of the 60-day take-over timetable on the battle for Natwest, with Bank of Scotland also placing a hostile bid. BoS have so far spent £187.5m on its bid.

In the offer document RBS said it had the “breadth and the depth of management” needed to make the merger and it did not regard the bid as “hostile to the board, management, staff or the shareholders.”


Home boom push on interest rates

The continuing strength of the housing market may trigger the Bank of England to raise interest rates, according to experts.Net mortgage lending rose by £1.59bn in November, while the British Building Societies Association reported a £809m hike in mortgage advances by its members, compared with a rise of £671m the previous month. This suggests house […]

Portman decision on carpetbaggers

Carpetbagger target Portman Building Society is set to announce whether conversion resolutions forwarded by anti-mutual parties are valid this week.Both Portman, Skipton and Chelsea Building Societies are being targeted by website organisers who are campaigning to convert the societies into banks.But Skipton and Chelsea are not expected to make announcements on their conversion resolutions […]

Christmas reprieve for mortgage industry

The life industry has been granted an early Christmas present with the FSA announcement there will be no full-blown inquiry into endowment mortgage missellingThe industry feared the FSA would call for an investigation along the same lines as the multi-billion pensions misselling compensation.But campaigners attacked the FSA for ignoring their calls for an inquiry. Consumers&#39 […]

Attack on Government pension planning blight

The National Association of Pension Funds has attacked the Government for making creating a “planning blight” causing uncertainty in company pension schemes .The climate of uncertainty is being created by the Government&#39s continued consultation on stakeholder pensions. The NAPF annual survey of 700 pension schemes revealed 72 per cent of money purchase company pensions still […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]


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