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Vida Bank is also building up its funding team
Bank’s relationship with SpringCash is ‘commercial’
Stefan Jost will take over the role
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Rulings by German regional courts that invalidate administration fees charged to set up a loan could have a negative impact on consumer asset-backed securities, according to Fitch Ratings.
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The British Bankers’ Association says it will retain oversight of the London Interbank Offered Rate, dashing speculation that the Bank of England may seek control of LIBOR after the BBA put it under review amid a global investigation charging derivatives traders with allegedly manipulating the rate to their advantage.
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Credit Suisse plans to use contingent convertible bonds to raise at least CHF250 million ($275 million) as part of its effort to repurchase CHF4 billion ($4.4 billion) of public tier 1 and tier 2 securities and swap them for instruments such as CoCos.
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The U.K. has rejected a recommendation by Vince Cable, its business secretary, to break up the Royal Bank of Scotland and create a bank to boost lending to businesses.
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BBVA has become the first Spanish bank to take over a nationalized lender, Unnim, for a single euro as the Bank of Spain looks to unload troubled institutions it holds.
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Lloyds Banking Group is putting together a £600 million ($949 million) portfolio of loans for its second such sale in six months. .
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Allied Irish Bank is planning to cut 2,500 jobs, about 20% of its workforce.
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Vince Cable, the U.K.’s business secretary, is recommending that the government break up the Royal Bank of Scotland and to create from it a British Business Bank to expand lending to businesses.
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Major European banks such as Barclays and Lloyds Banking Group have borrowed funds through the European Central Bank’s Long-Term Refinancing Operation through their subsidiaries in other countries to make them more financially self-sufficient and reduce their exposure to these units in the event local economies worsen.