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’Surallun meets the MPC: You’re fired
With full credit to the economics team at ABN Amro:
Series four of ‘The Apprentice’. Cut to the boardroom, where Margaret Mountford and Nick Hewer look stern as they sit opposite the nine members of the Bank of England’s monetary policy committee.
The crunch at ABN Amro: (dis)integration update
The latest from the ABN Amro London front line doesn’t look too great. Especially if you work in leveraged finance or debt. There’s a credit crunch on Bishopsgate.
Justin May, ABN Amro’s global head of debt capital markets left the bank on Friday,
Prepare to be “integrated”: RBS swings axe at ABN London
ABN Amro staff in America were recently sent a “welcome package” by RBS including branded keyrings and “factsheets”. London staff aren’t being embraced with quite such… brio.
The bloodletting in ABN’s London office began on Monday,
China’s Ping An eyes stake in Fortis
Ping An, the Chinese insurer, is in talks to acquire a 50% stake in Fortis’s asset management business in a move that could inject as much as €2.2bn ($3.4bn) into the Belgo-Dutch financial services group.
RBS considers asset disposals
Royal Bank of Scotland is considering the sale of ABN Amro’s Australian and New Zealand operations and has appointed Lazard Carnegie Wylie, the investment bank boutique, to undertake a strategic review.
RBS to make £2.9bn in writedowns
Credit market upheavals cost Royal Bank of Scotland almost £2.9bn last year, the bank revealed Thursday as it promised that the integration of ABN Amro would rebuild its balance sheet. News of the writedowns
Credit markets beware: CPDOs on the cusp of forced deleveraging
On Friday afternoon, Moody’s downgraded 16 constant proportion debt obligations (CPDOs) – all linked to corporate names.
In fact, all of those downgraded reference a GLOBOXX portfolio – that is iTraxx EUR IG and CDX NA IG in equal measure.
ABN and Rothschild end joint venture
ABN Amro and Rothschild will end their 11-year equity capital markets partnership at the end of the month following Royal Bank of Scotland’s deal to buy ABN’s investment banking assets. The joint venture,
Sighs all round as RBS details £1.5bn write-downs
Two banking subprime nasties for the price of one. In a pre-clsoe trading update, RBS has set out exactly what it has lurking in its closet and also flung open the doors on ABN Amro’s exposure to subprime-backed ABS and CDOs.
Bonus sparks dispute for RBS at ABN
A dispute over bonuses has soured relations between ABN Amro’s senior investment banking staff and their new masters at Royal Bank of Scotland just weeks after UK bank completed the takeover of its Dutch rival.
RBS to reveal credit crisis exposure
Royal Bank of Scotland will this week give details of its exposure to the credit squeeze in a trading update which could see it announce big writedowns. The UK’s second-largest bank is due to issue the update on Thursday,
RBS set to keep Hoare Govett
Royal Bank of Scotland is set to end months of uncertainty on Friday about the future of Hoare Govett, one of the City’s leading corporate brokers, by declaring its intention to keep and expand the business.
C Suisse escapes worst of credit woes – and ABN head gets payoff
Credit Suisse confirmed that it had ridden out turbulent US subprime markets better than arch-rival UBS after making a modest profit in investment banking in the third quarter. The bank revealed that it had written down SFr1.1bn in structured products and the same net figure for leveraged loan commitments.
ABN Amro chief resigns
Just hours after the RBS-led consortium of banks declared itself in control of ABN Amro, the Dutch bank’s chairman, Rijkman Groenink announced he was resigning, reports the Times. Mr Groenink publicly backed the original and ultimately losing bid from Barclays.
RBS raises €6bn for ABN bid
Royal Bank of Scotland has cleared one of the final remaining hurdles in its break-up bid for ABN Amro by raising more than €6bn (£4.2bn) through an issue of preference shares. But despite strong investor interest,
For RBS and ABN, fortunes are reversed
When TCI’s Chris Hohn wrote to ABN Amro back in February to give management a strategic kick in the right direction, the Dutch bank was worth bang on €50bn.
Their almost-certain-to-be new owner, RBS,
RBS-led group doubles ABN stake
The Royal Bank of Scotland-led consortium nearing success in its break-up bid for ABN Amro has doubled its stake in the Dutch bank through a series of complex derivatives trades. The consortium disclosed in a US regulatory filing that it had swaps and options over more than 76m ABN shares.
Fortis to buy Commerzbank Japan unit
The asset management arm of Belgian-Dutch financial group Fortis is to buy a Tokyo-based asset managing firm wholly owned by Germany’s Commerzbank, reports Reuters. Fortis Investments declined to comment on the value of its purchase of Commerz International Capital Management (Japan),
Fortis shares up on rights offer for ABN bid
Shares in Belgian bank Fortis had shot up 4.58 per cent at 8:30 BST on Friday, after the organisation launched its long-awaited rights issue – part of the programme to fund the RBS-led consortium’s bid for ABN Amro.
Lombard: Sir Fred presses on
It’s not what you say, it’s how you say it. Or in this case, who says it. It may be a statement of the blindingly obvious that there is a “very big chance” that the Royal Bank of Scotland-led consortium will win the bid battle for ABN Amro,
RBS and Santander seek funds for ABN bid
Royal Bank of Scotland and Santander on Wednesday initiated funding drives to help pay for their share of the UK bank-led consortium’s bid for Dutch bank ABN Amro. The move came as the European Commission on Wednesday gave both banks approval for their parts of the deal.