Lloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insurance creation, set up the esure business with HBOS back in 2001.
However, since HBOS became part of the Lloyds bank group there has been friction between Peter Woods and the Lloyds bank management and the sale of the Lloyds bank stake was expected by many. Esure is a well-known insurance brand in the UK and is also the owner of the infamous Sheilas Wheels brand with its array of striking adverts on the TV.
The company specialises in various niche markets and has made an excellent name for itself with profits topping £38 million in 2008. Quite what Peter Woods has in store for the future remains to be seen but he appears relieved to be on the verge of taking total control of his "baby".
Bank employee took £40,000 from customer account
It has been revealed that an employee of HSBC was involved in a fraud which saw £40,000 taken from the savings account of Leonard Poole, an older gentleman who suffers from dementia, over a nine-month period. While the situation was thoroughly investigated by HSBC and all funds returned to the party in question, it does highlight the difficulty of running bank accounts for those people who suffer...Read More
UK inflation set to fall slightly
It is believed that UK inflation has fallen from 3.2% in June to 3.1% in July although this will not be enough to spare the Bank of England another letter to the UK government explaining why the level of inflation is well above the 2% target. However, the Reuters report which was used as the basis for the UK inflation figure for July saw some analysts suggesting that inflation could actually rise...Read More
Debt for equity swap saves West Bromwich building society
In a bolt from the blue it has been announced that the West Bromwich building society has this evening staved off administration with a last gasp debt-for-equity swap. Existing investors have agreed to exchange their debt for equity which will see society members share their benefits with outside investors the first time in the history of the sector. While something of an unorthodox deal, the situ...Read More
Brown hits back at Tory 'con artist' jibes
Gordon Brown has defended the small print of his 11th and certainly final Budget amid accusations by the Conservative party that the chancellor has pulled a "tax con not a tax cut".The prime minister elect surprised MPs and commentators in the denouement of his announcement to the Commons yesterday by reducing the basic rate of income tax by 2p in every pound.But the Tories said last night that he...Read More
More people set to ditch bank after poor treatment
A study from Which? has revealed that record numbers of people are expected turn their back on their bank in the coming year, as consumers become more fed up with how they are being treated. More than a quarter of people have admitted they have had a problem with their current account, while a fifth of people who went on to make a complaint to their bank said it was not resolved satisfactorily...Read More