Latest news with #LloydsBankingGroup
Yahoo
a day ago
- Business
- Yahoo
Natwest returns to private ownership
Natwest has finally re-entered private ownership ending one of British banking's longest-running sagas. The government sold off its remaining 0.26 per cent stake in the group on Friday marking a full exit from the lender. The Treasury's share of the FTSE 100 lender dates back to the 2008 financial crisis. Natwest, then under the Royal Bank of Scotland moniker, received a £46bn bailout from taxpayer funds as it fought for survival. The government acquired an 80 per cent stake in Natwest as part of its rescue plan. The firm was not the only lender bailed out by the government. Lloyds received a £20bn injection for a 43 per cent stake. The Treasury pocketed around £4.9bn in dividend payments during its ownership with fees and other payments topping £5.6bn. However, today the government confirmed a £10.5bn loss to taxpayers since the bank was rescued during the 2008 financial crisis. Natwest follows Lloyds Banking Group, which departed from its status as a partially state-owned enterprise in 2017. Natwest CEO Paul Thwaite said: 'This is a significant moment for Natwest Group, for all those who work here and for the UK more widely. As we turn the page on the financial crisis, we can look to the future with confidence, without forgetting the lessons of the past. 'I am proud to have been part of the team that has helped build a simpler, safer, more customer-focussed bank. It is thanks to the incredible loyalty of our customers and colleagues, along with the support of our shareholders – including the UK taxpayer – that this change has been possible. 'Today we have a strategy that is working, positive momentum in our business and a clear ambition to succeed with our customers. 'This is a sector that matters; strong economies need strong banks, and vice versa. At a time when there is a clear intent to deliver growth, Natwest is ready to step up to the challenge, shaping our future as a vital and trusted partner to our customers and to the UK itself.' Up until 2022, the taxpayer was still the majority shareholder in the company. The government sold a chunk of its shares in March 2022, taking its stake to 48.1 per cent. But in the last year it has accelerated its sell-off to push Natwest back into private ownership. On January 14 2025, the government reduced its stake to 8.9 per cent, following a sale of 86.4m shares. And in early May, Natwest announced the government's holding had fallen below one per cent, averaging a two per cent reduction per month. Dan Coatsworth, investment analyst at AJ Bell, told : 'We don't know if it has been hands-on or stayed at arms' length, but it's fair to suggest that Natwest has followed the same path as other UK banks since the global financial crisis.' During the bank's annual general meeting, chairman Rick Haythornthwaite said the government had been 'positive and patient through the investing years'. Natwest stock notched a decade high of 478.80p in April, but the figure remains drastically dwarfed by pre-financial crisis highs of 5,236.28p. The lender pocketed £4bn in income for the first-quarter of 2025 after a rush to beat stamp duty deadlines boosted takings. The firm booked £1.8bn in pre-tax profit, surpassing the £1.6bn pencilled in by analysts. As Brits flocked to beat the Chancellor's March 31 deadline, net lending increased by £3.4bn to £371.9bn. Analysts hailed the lender's strategic positioning as operating expenses fell 8.5 per cent to £2bn. John Moore, senior investment manager at RBC Brewin Dolphin, said: 'With some of its peers potentially retreating from the UK, that may open up opportunities for acquisition or other forms of expansion, which would provide further scale while sticking to the three pillars of the bank's strategy.' Natwest lodged an £11bn bid for Santander UK's retail arm earlier this year, according to reports from the Financial Times. Talks between the two lenders are no longer active, but should the takeover have gone ahead it would have birthed the biggest banking deal since the financial crisis. Whilst unsuccessful, the proposal could offer insight into Natwest's future post-privatisiation. The bank kicked off its shopping spree last year after snapping up the majority of Sainsbury's banking assets and purchasing Metro Bank's £2.5bn residential mortgages portfolio. Natwest is set to deliver its half-year results on July 25 – and for the first time in 15 years – in private ownership. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
2 days ago
- Business
- Finextra
Lloyds teams with Lumio to help couples manage shared finances
Lloyds Banking Group has teamed up with money app Lumio to take the stress out of shared financial management for couples. 0 Lumio's app allows couples or other people who manage a household budget together, to manage their finances in a shared space, track and automatically split shared expenses and save together towards common financial goals. It will be rolled out between May and August to selected Lloyds customers that jointly manage bills, who will be invited to trial the app on a first come first serve basis and enjoy free access to premium package Lumio Couples Pro, typically priced at £39.99 per year. Tamara van den Ban, customer propositions director at Lloyds Banking Group says: 'Lumio offers an easy way to manage money together, making every day financial tasks stress-free for people who need to do this together - whether that be couples, siblings or flatmates." Lumio's founder, Charlie Richardson adds: 'Modern couples have fallen into an account gap and Lumio provides these couples with a solution that makes it easier for them to spend independently but retain financial clarity and alignment as a couple.' More than 40,000 Lumio couples already use the app for joint oversight of shared spending, account activity and any shared balances. Both people can work towards shared financial goals, whilst keeping their accounts separate. Customers can also split expenses with a real-time IOU tracker, reducing any potential tension as both parties have access to an automated, accurate record of expenses and payments due. Lumio is a successful graduate of the Lloyds 2024 Launch Innovation programme, which provides participants with the opportunity to run a commercial experiment with the bank and the potential for further investment from Lloyds Fintech Investment Team. Says van den Ben: "We believe that collaboration is key to delivering exceptional services and enhancing our capabilities and we are excited for what our partnership with Lumio will bring to better address our customer needs.'
The Independent
3 days ago
- Business
- The Independent
Nationwide calls for looser mortgage lending rules to help 10,000 more buyers
Nationwide is calling for mortgage affordability rules to be relaxed in a bid to help an extra 10,000 hopeful first-time buyers, as the building society revealed its record month of lending. The lender said home buyers had been rushing to complete purchases ahead of tax relief being slashed from April. It reported a pre-tax profit of £2.3 billion for the year to the end of March, 30% higher than the £1.8 billion it made the year before. Mortgage lending returned to growth during the year, with total loan balances rising to £275.9 billion from £204.5 billion in 2023. Nationwide said it had its busiest ever month of mortgage lending in March, and its strongest ever day on the last day of the month. This echoes similar comments made by Lloyds Banking Group, which hailed its record day of lending in March. Stamp duty discounts becoming less generous from April onwards sparked a stampede of home buyers in the run-up to the deadline. Stamp duty – a tax on property – applies in England and Northern Ireland. Muir Mathieson, Nationwide's chief financial officer, said: 'What's been fascinating though is that, in April and May, the strength of the mortgage market has continued. 'We haven't seen the cliff-edge, that drop-off in mortgage activity in April and May that we were expecting quite frankly. 'The mortgage market continues to be really resilient and we're intending to remain competitive within it.' Mr Mathieson said the group has been calling on the Bank of England to review its cap on high loan-to-income lending. Like other lenders, it is limited to offering no more than 15% of new loans to customers borrowing at, or above, 4.5 times their income. Nationwide said it maxes out this cap every year, because of the demand among first-time buyers for bigger loans relative to the amount they earn. Debbie Crosbie, Nationwide's chief executive, said: 'The reality is that if we didn't have the limit as low (as it is), then we could be lending to more first-time buyers. 'For Nationwide alone we think it could be an extra 10,000 (per year), and it could be multiples of that if the market limit was raised.' Mr Mathieson said that due to stricter affordability controls, the level of higher loan-to-value mortgages falling into arrears tends to be half that of its other lending. Furthermore, Ms Crosbie said it is a 'very competitive' mortgage market, adding: 'Our margin that we're earning is definitely lower this year than it has been in previous years.' Nationwide, which bought rival bank Virgin Money last year, will be handing out a record £2.8 billion to its members as part of its 'fairer share' payment. The mutual – which means it is owned by its customers, rather than shareholders – said more than four million of its members will receive it.
The Sun
3 days ago
- Business
- The Sun
All the 102 bank branches shutting this month including Lloyds, Santander, NatWest and Halifax
DOZENS more branches are closing in June in a blow to customers who rely on in-person banking. Some of the biggest banks including Lloyds, NatWest, Santander and Halifax are axing sites over the coming days and weeks. 1 NatWest said in January it would close down 53 branches across this year. Santander then announced in March it would be closing more than a fifth of its high street branches. Halifax and Lloyds are both owned by Lloyds Banking Group which has the largest branch network in Britain. The group has announced 254 branches closures taking place over the next year. Here are the branches being lost this month: Lloyds Alcester June 25 Ashbourne June 24 Dorchester June 19 Launceston June 3 Liverpool June 4 New Milton June 13 Pembroke Dock June 26 Sheffield June 26 Southampton June 9 Southsea June 2 Spennymoor June 26 Stanley June 26 Tonypandy June 30 Warwick June 24 Welwyn Garden City June 11 Woodbridge June 25 Halifax Bitterne – June 9 Bournemouth – June 4 Felixstowe - June 2 Fleetwood - June 25 Gainsborough - June 2 Kingsbury - June 2 Horsforth - June 3 Launceston - June 3 Letchworth - June 3 Leek - June 4 Littlehampton - June 23 London (North West) – June 2 Mold - June 5 Welwyn Garden City - June 11 St Annes On Sea - June 12 NatWest Accrington - June 5 Alfreton - June 2 Beverley - June 25 Bridlington - June 11 Ellesmere Port - June 4 Garstang - June 26 Keighley - June 16 Leeds, Cross Gates - June 10 Leek - June 16 Manchester - June 11 Mansfield - June 26 Mexborough - June 3 Nantwich - June 19 Newark-on-Trent - June 17 Nottingham, West Bridgford - June 24 St Annes On Sea - June 24 Stafford - June 25 Stockport, Hazel Grove - June 19 Stockport, Heaton Moor - June 3 Stockton-on-Tees - June 4 Stoke-on-Trent, Longton - June 5 Uttoxeter - June 2 Washington - June 17 Worksop - June 18 Inside the hubs restoring high street banking and reversing the tide of mass branch closures Santander Aberdare - 24 June Arbroath - 17 June Blackwood - 23 June Brecon - 25 June Clacton - 16 June Colne - 14 June Croydon - 16 June Dungannon - 23 June Eltham - 23 June Fleet - 30 June Gateshead Metro - 16 June Glasgow LDHQ - 24 June Glasgow MX - 23 June Greenford - 24 June Kidderminster - 18 June Kilburn - 17 June Launceston - 16 June Louth - 17 June Magherafelt - 24 June Musselburgh - 30 June Peterhead - 16 June Portadown - 30 June Swadlincote - 30 June The closures comes as Nationwide Building Society claims its branches are thriving. The provider recently said almost 200,000 more customers used its branches in the financial year to the end of March, compared with the prior year, data from the group revealed. The provider has promised to keep all of its nearly 700 branches open until at least the start of 2028. Nationwide said more customers are coming through the doors over the past year as rival banks slash their high street network. Muir Mathieson, Nationwide's chief financial officer, recently said: 'The branches are thriving. 'We're seeing the number of people going into branches going up, and we think part of that increase is that there are fewer branches on the high street now that our competitors have closed theirs.' Customers want face-to-face contact particularly if they have concerns about fraud, or if they want reassurance about a specific process or account, Mr Mathieson added. He also indicated that people feel more comfortable handling bigger sums of money in a branch. About 5.7 million customers visited a branch at least once during the year. Nationwide's branch promise extended to Virgin Money after buying the bank for £2.8 billion last year. Banks closing branches say they are adapting to meet changing behaviours of their customers, who increasingly want to do banking on their phones or online. What to do if your local bank is set to close There are still a number of ways people can access basic banking services without having to venture to another town with a branch. You can use one of the Post Office's 11,684 branches to perform basic banking tasks — but not to open new bank accounts or take personal loans and mortgages. You can find your nearest Post Office branch by visiting Many banks also offer a mobile banking service - where they bring a bus to your area offering services you can usually get at a physical branch. Other banks use buildings such as village halls or libraries to offer mobile banking services. It's worth contacting your bank to see what mobile services they have available, and when they might next be in your area. New super ATMs are being rolled out across the UK where branch closures have left residents unable to access essential banking services. These ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash. What services do banking hubs offer? BANKING hubs offer a range of services to bridge the gap left by the closure of local branches. Operated by the Post Office, these hubs allow customers to perform routine transactions such as deposits, withdrawals, and balance enquiries. Each hub features private booths where customers can discuss more complex banking matters with staff from their respective banks. Staff from different banks are available on a rotational basis, ensuring that customers have access to a wide range of banking services throughout the week. Additionally, customers can receive advice and support on various financial products and services, including loans, mortgages, and savings accounts.
Leader Live
4 days ago
- Business
- Leader Live
High street bank branches are ‘thriving', Nationwide says
The building society has pledged to keep all of its nearly 700 branches open until at least the start of 2028. New data from the group revealed that nearly 200,000 more customers used its branches in the financial year to the end of March, compared with the prior year. It comes a day before Nationwide is set to unveil its full-year financial results. Muir Mathieson, Nationwide's chief financial officer, told the PA news agency: 'The branches are thriving. 'We're seeing the number of people going into branches going up, and we think part of that (increase) is that there are fewer branches on the high street now that our competitors have closed theirs.' Nationwide has the second-largest branch network in the UK, behind Lloyds Banking Group. But Lloyds has been making sweeping cuts to its network – with the most recently-announced closures to 136 branches taking place over the next year. Others have been drastically trimming their network, such as Santander announcing in March it would be closing more than a fifth of its high street branches, bringing it down to 349 across Britain. The banks say they are adapting to meet the behaviours of their customers, who increasingly want to do banking on their phones or online and are decreasingly using their high street sites. But Nationwide suggested that UK consumers have been switching their bank to Nationwide so that they can make use of in-person services. Customers want face-to-face contact particularly if they have concerns about fraud, or if they want reassurance about a specific process or account, Mr Mathieson said. 'Interestingly, we get larger Isa balances when people open them in a branch than when they do it online,' he told PA, indicating that people feel more comfortable handling bigger sums of money in a branch. About 40% of Isas were opened in branches last year, and more than 30% of new current accounts, according to data from the building society. About 5.7 million customers visited a branch at least once during the year. Nationwide's branch promise extended to Virgin Money after buying the rival bank for £2.8 billion last year in the biggest banking deal since the financial crisis. When it bought the lender, it paused Virgin's plans to close some of its branches and brought it into the group's branch promise. It has also been working to improve the bank's customer service systems since merging, after chief executive Debbie Crosbie said there were 'challenges' to overcome.
