Category Archives: Banking

Nigel Farage to sue NatWest and wants a class action over bank account closures

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Closures at subsidiary Coutts led to resignation of Alison Rose, the chief executive of NatWest

Nigel Farage is to launch a legal battle with NatWest over the closure of his accounts at its private bank subsidiary Coutts. The debanking scandal ultimately led to the resignation of Alison Rose, the chief executive of NatWest, in July and the departure of Peter Flavel, the chief executive of Coutts, soon after.

The former leader of Ukip and the Brexit party said he is instructing lawyers to take action against NatWest, with the aim of turning it into a class action.

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‘Call their bluff’: shopping around on home loans can save money – even with high interest rates

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Many mortgage lenders reporting increased competition, meaning savvy borrowers can negotiate for a better deal

In real estate, everything is negotiable, including your mortgage.

While many lenders have withdrawn cashback incentives in recent months, there are still large discrepancies between the best and worst mortgage offers in the market, which means many borrowers are paying too much.

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Ransomware attack on China’s biggest bank disrupts US Treasury market

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American arm of ICBC is latest victim of hackers and is investigating

The Industrial and Commercial Bank of China’s US arm was hit by a ransomware attack that disrupted trades in the US Treasury market on Thursday, the latest in a string of victims ransom-demanding hackers have claimed this year.

ICBC Financial Services, the US unit of China’s largest commercial lender by assets, said it was investigating the attack that disrupted some of its systems, and making progress towards recovering from it.

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French police detain Russian tycoon over alleged financial and sanctions violations

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Alfa Bank founder Alexey Kuzmichev was sanctioned by EU for ‘well-established ties’ to Vladimir Putin

Police in France have detained the Russian tycoon Alexey Kuzmichev and raided two of his properties in connection with alleged tax evasion, money laundering and sanctions violations.

The French financial prosecutor’s office said on Tuesday that searches had taken place a day earlier at Kuzmichev’s Paris home and an estate in in the Mediterranean Var region.

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Australia’s banks face unprecedented wave of threats, RBA warns

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A rush on withdrawals among the possible dangers as sector likely to see risks with ‘a different complexion’ in coming decade, assistant governor says

Australia’s banking industry faces emerging threats from potential rapid-fire bank runs to climate change and geopolitical tensions that are without historical precedents, a senior Reserve Bank official has warned.

Brad Jones, an assistant RBA governor, told a Sydney conference on Tuesday that “the emerging risks we are likely to confront over the next decade have a different complexion to those of recent decades” and that what passes for resilience today will likely need to evolve over time.

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Higher interest rates help HSBC to more than double profits

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Bank criticised by MPs for being too slow to reward savers as it announces 15% rise in net interest income and $3bn share buyback

Higher interest rates helped HSBC to more than double its profits and hand over $3bn (£2.5bn) to shareholders, as MPs criticised the largest UK banks for being too slow to reward savers.

The London-headquartered bank said it was launching a share buyback, and paying a dividend worth 10 cents a share, after what its chief executive, Noel Quinn, hailed as “three consecutive quarters of strong financial performance”.

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NatWest decision to close Nigel Farage’s bank accounts was lawful, says report

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Investigation for bank finds however that there were ‘serious failings’ in handling of Coutts move and treatment of ex-Ukip leader

NatWest group’s decision to close Nigel Farage’s accounts at its private bank Coutts was lawful, but there were “serious failings” in its treatment of the former Ukip leader, an independent review has found.

Lawyers hired by NatWest determined that Coutts had a “contractual right” to shut Farage’s accounts, and had done so because the bank was losing money by keeping him as a client.

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UK house prices will not stop falling until 2025, Lloyds predicts

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Britain’s biggest mortgage lender forecasts 5% drop over this year and another 2.4% decline in 2024

UK house prices will continue to slide this year and in 2024 and will not start to recover until 2025, Lloyds Banking Group has forecast.

The lender, which owns Halifax and is Britain’s largest mortgage provider, said that by the end of 2023 UK house prices would have fallen 5% over the course of the year and were likely to decrease by another 2.4% in 2024.

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Former Bank of China boss arrested on corruption charges

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Liu Liange charged with accepting bribes and illegally granting loans amid country’s anti-corruption drive

China has arrested the former head of one of the country’s largest commercial banks on charges of accepting bribes and illegally granting loans, amid a two-year anti-corruption drive targeting the financial sector.

China’s Central Commission for Discipline Inspection (CCDI), which is investigating corruption within the ruling Communist party, said on Monday that Liu Liange had been arrested, after announcing the start of the investigation in March.

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Africa’s ‘optimist-in-chief’ on the continent’s renaissance: ‘Don’t just believe me, believe the data’

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In an exclusive interview, Akinwumi Adesina, head of the African Development Bank, says the outlook is good for a continent with the workers of the future and the best investment opportunities

Africa holds the future workforce for the ageing economies of the west, according to one of the continent’s leading financial figures, who also said it was time to ditch the myths around corruption and risk.

In an exclusive interview before this weekend’s World Bank meetings in Morocco, Akinwumi Adesina said there was a resurgence of belief in Africa’s economic prospects and attacked negative stereotyping, adding that there was “every reason to be optimistic”.

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Bank of England sounds out buyers for Metro Bank including NatWest

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JP Morgan also approached as Metro reportedly tries to thrash out rescue package with investors

The Bank of England’s regulatory arm is understood to have approached a number of big lenders in the past few days, including NatWest and JP Morgan Chase, to see if they had any interest in the embattled high street rival Metro Bank.

JP Morgan Chase examined a potential bid to take over the whole of Metro after speaking to the Prudential Regulation Authority (PRA) but decided on Saturday night not to go ahead with it, a source said.

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Metro Bank shares rebound amid reports of £600m capital offer

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Lender’s stock hit all-time low after news it was exploring selling off up to 40% of mortgage book

Metro Bank shares rebounded from all-time lows on Friday, amid reports that the embattled lender was sitting on a £600m offer from bondholders that could cover its looming funding pressures.

Regulators have been keeping a close eye on developments at the high street lender, which needs fresh investor funding, and is exploring selling off up to 40% of its mortgage book, in order to shore up its balance sheet and ensure it can continue to grow.

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Europe’s banks helped fossil fuel firms raise more than €1tn from global bond markets

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Exclusive: Pan-European investigation looked at thousands of transactions since Paris climate agreement in 2016

Banks including some of Europe’s largest lenders have helped fossil fuel companies to raise more than €1tn (£869bn) from the global bond markets since the Paris climate agreement, according to an investigation by the Guardian and its reporting partners.

In the push to zero carbon, Europe’s biggest lenders face growing pressure to limit their financial support for fossil fuel companies through direct loans and other financing facilities.

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Rupert Murdoch’s last move? The Spectator is in his sights

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Rightwing magazine is said to be a favourite of the billionaire and is considered a ‘trophy prize’

Rupert Murdoch may have officially stood aside as chair of his media businesses but he’s still eyeing up what could be his last major UK deal: the purchase of the Spectator magazine.

The rightwing magazine, which is due to be auctioned off next month, is said to be a favourite of the billionaire, who used his resignation statement to claim much of the media is “in cahoots” with elites who have “open contempt for those who are not members of their rarefied class”.

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New Natwest boss worked for oil firm under investigation in ‘world’s biggest financial scandal’

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Exclusive: Rick Haythornthwaite was paid £200,000 a year by Saudi company, PetroSaudi, involved in 1MDB scandal

Read more: The NatWest boss, the missing Malaysian millions and the damning email

The new chairman of NatWest is facing scrutiny over his former role with international oil group PetroSaudi, which is embroiled in one of the world’s biggest financial scandals.

City veteran and former MasterCard boss Rick Haythornthwaite worked for PetroSaudi International (UK) Ltd, the oil group’s British arm, for eight years, earning £200,000 a year.

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Twitter ‘unfit’ for banking over alleged complicity in Saudi rights abuses

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Lawyers for family say Saudi government took brother’s data in breach and ‘arrested, tortured, and imprisoned’ him and others

The company formerly known as Twitter is “unfit” to hold banking licenses because of its alleged “intentional complicity” with human rights violations in Saudi Arabia and treatment of users’ personal data, according to an open letter sent to federal and state banking regulators that was signed by a law firm representing a Saudi victim’s family.

The allegations by lawyers representing Areej al-Sadhan, whose brother Abdulrahman was one of thousands of Saudis whose confidential personal information was obtained by Saudi agents posing as Twitter employees in 2014-15, comes as Twitter Payments LLC, a subsidiary of X (the company formerly known as Twitter), is in the process of applying for money-transmitter licenses across the US.

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NatWest expected to name ex-Centrica boss as chair after Farage saga

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Rick Haythornthwaite, who leads boardrooms of Ocado and the AA, lined up to succeed Howard Davies

NatWest is expected to announce shortly that a former Centrica boss will be its next chair, as the lender continues to deal with the fallout from the scandal surrounding the threatened closure of Nigel Farage’s bank accounts.

Rick Haythornthwaite – who previously chaired Network Rail and Mastercard as well as the British Gas owner and currently leads the boardrooms of Ocado and the AA – could be confirmed as a successor to Howard Davies as early as Wednesday afternoon, the Guardian understands.

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The RBA’s interest rate-rising looks done – and a soft landing for the economy could be on

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Australia’s economy might be just where Philip Lowe wants it – barring any nasty surprise – as he hands over to Michele Bullock

As two of Australia’s more contentious figures Philip Lowe and Alan Joyce head towards their gilded departure lounges, the economy seems set in a holding pattern with improving prospects of a desired soft landing.

To be sure, a happy outcome of a jobless rate remaining within cooee of 4%, wages finally catching if not outpacing inflation, and even the federal budget staying in the black a bit longer is far from assured.

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UK banks will have to ensure access to cash within three miles, ministers say

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Treasury hints at concessions on guarantee but banks will face fines for falling below minimum service level

High street banks will have to ensure customers can find access to cash within three miles of their local communities, and those falling below the minimum service level will face a fine, the government has confirmed.

After the closure of thousands of local branches in recent years, and the switch to digital payment methods, ministers are looking to banks to help protect vulnerable groups and elderly customers by maintaining present levels of cash access across the UK.

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Bank of Ireland glitch let customers withdraw money they didn’t have

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‘Technical issue’ allowed transfers and withdrawals beyond customer limits and made online banking unavailable

Bank of Ireland has apologised for an IT glitch that meant some customers were able to withdraw money they did not have in their accounts at cashpoints.

The bank said it had resolved the “technical issue”, which had also allowed transfers beyond customer limits and had made its online banking and mobile app services unavailable.

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