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RBS eyes bid for £3.7bn Tesco Bank mortgage book

RBS eyes bid for £3.7bn Tesco Bank mortgage book

Business
By Mark Kleinman, City editor The ‎state-backed Royal Bank of Scotland (RBS) is pursuing its biggest acquisition since the financial crisis by tabling a bid for Tesco Bank's £3.7bn book of mortgages.Sky News has learnt that RBS‎ is among the initial bidders for the supermarket giant's home-loan portfolio, which it said last month that it would sell as part of an exit from Britain's mortgage market. If RBS succeeded in buying the assets, it would mark RBS's largest acquisition since its £45.5bn taxpayer bailout in 2008 led to it becoming one of the world's biggest beneficiaries of government support during the financial crisis.RBS‎'s only corporate purchase in the last decade has been that of FreeAgent, a financial technology business that it bought las
Oriental Bank of Commerce cuts MCLR by 0.10% for various tenors

Oriental Bank of Commerce cuts MCLR by 0.10% for various tenors

Finance
New Delhi: State-owned Oriental Bank of Commerce (OBC) has cuts the marginal cost of funds-based lending rate (MCLR) by up to 0.10 per cent for various tenors with effect from Tuesday. "This is to inform that the bank has revised MCLR for different tenors with effect from June 11," the bank said in a regulatory filing. MCLR for one-month loan and 6-month tenor has been reduced by 0.10 per cent to 8.35 per cent and 8.60 per cent, respectively. Earlier, MCLR for one-month loan and 6-month tenor was 8.45 per cent and 8.70 per cent respectively. Likewise, for one-year tenor loans, MCLR has been decreased by 0.05 per cent to 8.70 per cent from 8.75 per cent earlier. OBC has left MCLR for overnight and 3 month tenor unchanged at 8.30 per cent and 8.50 per cent, respectively. The announcement cam...
J&K Bank chairman Parvez Ahmad removed, Vigilance raids Bank headquarters

J&K Bank chairman Parvez Ahmad removed, Vigilance raids Bank headquarters

Finance
Jammu and Kashmir government on Saturday removed Parvez Ahmad as chairman cum managing director of the bank and appointed R K Chibber as interim chairman and managing director of the bank. Soon after the decision was made public state vigilance department raided Bank’s headquarters in Srinagar, which was continuing till the last reports came in. The timing of Ahmad’s removal--who was appointed by the PDP-BJP government in October 2016 and shown the exit door five months before completing the term--and vigilance raid has triggered many speculation regarding internal functioning and future of the bank. Chibber, who has served as chairman Grameen Bank and was one of the executive presidents of the J&K bank, would be the first non-Kashmiri to hold the position of chairman in the Bank. The
Bank overdraft fees targeted in major shake-up

Bank overdraft fees targeted in major shake-up

Business
Bank overdraft fees are to undergo a major shake-up, which the UK financial regulator is calling the biggest overhaul for a generation.Banks and building societies will no longer be allowed to charge fixed daily or monthly fees for overdrafts.In addition, there will no longer be higher fees for unplanned overdrafts than for arranged ones.The Financial Conduct Authority (FCA) said the new rules would start by April 2020.Under the new measures, which were first proposed in December, banks will also be required to charge a simple annual interest rate on all overdrafts, and overdraft advertisements will need to come with that rate clearly displayed, to help consumers compare various products. In 2017, banks made more than £2.4bn from overdrafts - with 30% alo
Yes Bank likely to exit asset management business

Yes Bank likely to exit asset management business

Finance
Mumbai: Yes Bank, which is currently redrawing its strategic roadmap under new chief executive Ravneet Gill, is likely to exit the asset management business as it believes that scaling up operations amid intensifying competition could be difficult, said people familiar with the plans. The bank could either sell the business to another asset manager, or wind it up over a period of time, said one of the persons cited above. “The business hasn’t been able to expand much,” said the person. “Either Yes Bank has to sell the business, which is too small for some big player to be interested in, or it may have to wind it down over a period of time. It just doesn’t make sense to continue with it, given the priorities.'” Yes Asset Management was incorporated on April 21, 2017, as a wholly-owned subsi