View more on these topics

Santander to shelve UK flotation until 2013

Santander is likely to delay the planned listing of its UK operations on the London Stock Exchange until at least 2013, according to reports.

The Financial Times reports today that following the publication of the Independent Commission on Banking’s final recommendations earlier this week Santander’s plans to float 20 per cent of Santander UK have been shelved until 2013 at the earliest.

Santander had hoped to float its UK division, made up of the acquisitions of Abbey, Alliance & Leicester, and Bradford & Bingley, for about £3bn in the second half of this year.

The plans had already been pushed back until next year following recent market volatility.

The ICB, led by Sir John Vickers, called earlier this week for UK banks to ringfence their retail operations from their investment activities, and each subsidiary to hold capital in excess of Basel III requirements by 2019.

Analysts have suggested that about five to 10 per cent of Santander’s UK’s activities would fall outside the retail ringfence, making a market listing more difficult.

The FT reports that Santander UK is looking to convince ministers and regulators to allow it to include instruments such as those used to manage its balance sheet and hedge exposures to foreign exchange and interest rates in the ringfence as long as they did not exceed a certain proportion of total operations.


Out of context

“Your doggy bags contain full details of the latest CII survey, and no champagne.” Charter Insurance Institute director of policy and public affairs David Thomson looks to emphasise the not-for profit nature of the organisation. “Sorry, I didn’t mean to be interesting…”New Council of Mortgage Lenders director general Paul Smee. “Well there aren’t really any […]


Unions to ballot for sustained strike action over pensions

The Government could be facing a sustained campaign of strike action over its plans to reform public sector pensions after the Trades Union Congress unanimously backed a motion calling for coordinated action from unions. Unison, GMB and Unite this morning confirmed they will ballot 1.65 million members over the action which they want to begin […]

Fidelity to launch two onshore funds

Fidelity is to launch an onshore version of China consumer fund in February next year. The China consumer fund will be managed by the same manager who runs the £155m offshore fund, Raymond Ma, and will typically invest in 80 to 120 stocks. The fund’s benchmark is the MSCI China Index. The standard retail initial charge […]

Health - thumbnail

Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm