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Latest news
Deal raises questions about whether transaction was done at arm's length
Joanna Chan is taking on the role of head of strategic capital
Key points of contention include the investor sanctions regime and the definition of 'resilience'
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Société Générale has launched a EUR500 million ($667.4 million) sale of distressed European property loans issued before 2007, which are expected to take a 50% haircut on their original face value.
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Allied Irish Banks is looking to unload EUR1.1 billion ($1.47 billion) in commercial property loans in Ireland, half of which are said to be distressed, and EUR 300 million ($400.4 million) in residential loans.
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Lloyds Banking Group is considering lightening the work load of Antonio Horta-Osrio, its ceo, who is currently on sick leave, by possibly hiring a coo and assigning more duties to a group of senior directors.
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Nomura Slashes European Bad Debt Nomura Holdings has reduced its European bad debt portfolio as well as the use of repo-to-maturity transactions backed by the debt.
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Italy’s Intesa Sanpaolo has named Enrico Cucchiani as managing director and ceo to succeed Corrado Passera, effective Dec. 22.
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Bob Diamond, ceo of Barclays, predicts there will be a wave of bank consolidations in Europe over the next 12 months as financial institutions focus on their stronger units and unload their weaker ones.
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Lloyds Banking Group has said David Roberts, its non-executive director, would become interim ceo in the event that the current chief, Antonio Horta-Osorio, extends his medical leave into next year.
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UBS is said to be considering shrinking its bonus pool to help recover some of the $2.3 billion it lost from unauthorized trading.
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Citigroup has sold the servicing rights for its $2.6 billion residential-loan portfolio to CWCapital.