Financial services

Minister warns on post-Brexit financial sector

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Britain’s government is committed to doing whatever it can to keep its financial sector globally competitive after Brexit, financial services minister John Glen said this morning.

He said there must be a “clear plan” to maintain the UK financial sector’s global success as it cannot be taken for granted.

“It would be a tragedy if we lost our competitive advantage by accident,” Glen told The City UK conference.

European Banking Authority leaves London for Paris

Staff of the EBA were packing boxes today and heading for the Eurostar.

The European Banking Authority is relocating to Paris due to Brexit.

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Read the background here, from 2017.

New York beats London as top financial centre


A survey of 180 financial executives by Duff & Phelps found that London is no longer regarded as the top financial centre.

Just over half of respondents said New York was the world’s top financial centre, up 10% from 2018, while 36% said London was the leader, down 17% from last year.

“Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis,” Duff & Phelps said.

“Looking ahead, however, globalization’s diffusion of influence begins to be apparent: 12% of respondents expect Hong Kong to be the world’s preeminent financial center five years from now.”

Deutsche AGM: pack of cigarettes

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More from the Deutsche AGM

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Deutsche Bank shares slide as cuts promised

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Deutsche Bank is holding its annual general meeting of shareholders and Die Welt's Holger Zschaepitz notes that the shares of Germany's biggest bank have sunk to yet to new lows.

As the AGM gets underway, Christian Sewing, the chief executive, has told shareholders he is ready to make cutbacks to the investment bank to improve performance:

"We will accelerate transformation by rigorously focusing our bank on profitable and growing businesses which are particularly relevant to our clients.

"So I can assure you: we're prepared to make tough cutbacks".

New Danske boss


Danske Bank has named Chris Vogelzang, as its new chief executive.

Between 2000 to 2017, he held several positions at the Dutch bank ABN Amro – the last eight years as a member of the bank’s management board and head of its global retail and private banking activities.

His task to restore the reputation of the bank, embroiled in money laundering scandal involving its Estonian operation. He starts on 1 June.

Karsten Dybvad, chairman, said: "We have a big task ahead of us in continuing to rebuild trust and at the same time developing our business in pace with customer expectations and the technological development to ensure that we remain a leading Nordic bank".

Provident Financial continues to fend off bidder

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Here's the latest in tit-for-tat announcements between UK-prime lender Provident Financial and Non-Standard Finance (NSF).

Provident Financial - which is fending off a bid from NSF - says that NSF is not winning extra support for its bid ahead of the 15 May deadline.

NSF - backed by Provident Financial's former boss John van Kuffeler - had the the backing of 51% shareholders when the £1.3bn bid was launched in February.

"Some eleven weeks since the launch of its unsolicited, nil-premium offer, NSF has only been able to secure approximately 2% incremental acceptances from Provident Shareholders beyond those committed at the time of launch," Provident Financial said.

"Provident and its advisers have collectively met and engaged constructively with shareholders representing approximately 35% of Provident shares since Tuesday, and the board continues to urge all shareholders to take no action and not accept this opportunistic and value destructive offer," the lender said.

No bid for Share

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Last week Share, the parent company for a number stockbrokers including the stock broker the Share Centre, said that it had received a potential offer from Interactive Investor Services.

But today Interactive Investor Services said it was not intending to make an offer.

Share's shares had risen more than 16% since last week's announcement.

In early trading, its shares were down 10%.

Possible stockbroker merger

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Share, the parent company for a number stockbrokers, has just told the stock exchange that it has received a potential offer from Interactive Investor Services.

Share said it "can confirm that it has received a preliminary approach which may or may not lead to an offer being made for the company".

"The preliminary approach for the company is from Interactive Investor Services Limited. There can be no certainty that an offer will be made for the Company, nor as to the terms on which an offer may be made," Share said.

Its main business is stock broker the Share Centre and it made the announcement after the rise in its share price.