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Resolution renews efforts to woo B&B board

Resolution is understood to have made renewed efforts to convince the Bradford & Bingley board to back its bid.

Clive Cowdery’s investment vehicle made a £400m offer to take a controlling stake in the bank, which was publicly rejected yesterday by the B&B board.

The bank continues to back proposals for a rights issues and the sale of a 23 per cent stake to Texas Pacific Group.

Resolution is understood to have met last night with Goldman Sachs, the bank’s advisers, to try to drum up support for its plans by offering shareholders pre-emption rights, allowing retail investors to participate.

The B&B proposals are part of a wider plan by Resolution to roll up smaller banks and mortgage lenders in a £2bn consolidation drive.


Intrinsic axes Mint staff

Intrinsic has made almost half of Mint’s back-office staff redundant, Money Marketing understands.Twelve out of 25 people lost their jobs, including almost all the compliance team, half the IT team and admin staff. A source says: “Intrinsic called a meeting on May 30 and the Mint staff were given their marching orders a few days […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


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