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Scottish National Investment Bank comes into existence after years of campaigning

Scottish Bank

SNIB to boost Scottish economy and create thousands of jobs

Following prolonged efforts, the Scottish National Investment Bank is now a reality. The announcement to this effect was made by First Minister Nicola Sturgeon during the Programme for Government 2016/17 speech. First planned in 2014, the Scottish National Investment Bank or SNIB will boost the Scottish economy, save billions of pounds for the country’s economy and create thousands of jobs.

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Banks

Results emerge from monthly Ulster Bank PMI surveys of activity

Ulster Bank

Rate of growth in construction activity touches its lowest in almost 2-1/2 years

The rate of growth in construction activity in Northern Ireland in August touched its slowest in almost 2½ years, revealed Purchasing Managers Index (PMI) from Ulster Bank. Figures indicated sharp spike in housebuilding over the month but weaker growth in commercial building resulted in lowest figures since March 2015. Another factor responsible for the fall in the overall rate of growth was a decline in activity in civil engineering.

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Northern Rock’s Bank of England bailout ‘should have been secret

Northern Rock

Former Bank of England governor says that the bailout of North Rock bank should have been a secret

The bailout of Northern Rock bank should have been a secret to prevent panic, a top banker has claimed. According to Mervyn King, the then Bank of England governor, he advised the deal to bail out Northern Rock bank be kept secret to prevent panic. The day after BBC revealed the bail by the Bank of England on 13 September 2007, thousands of the bank’s customers led the first run on a British bank since 1866. The following month, the Bank of England did make secret loans worth £61.2bn to RBS and HBOS.

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Barclays to close dozens of branches across the country this autumn

Barclays branches

Barclays has decided to close down 30 branches in October and November

With lesser number of people visiting banks, the high street banks are cutting down on their branches across the UK. As the Internet and mobile phones play increasingly vital role in banking, the number of people visiting the banks is on sharp decline. Due to historic low interest rates, profit is a major concern for the high street banks which is driving closures of the branches across the country.

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Lloyds Bank is closing 100 high street branches, with more than 400 job losses

Lloyds Bank

The Lloyds bank will be closing high street branches as it faces changed customer behaviour

One of the most reputed and high street banks, the Lloyds bank is getting ready to face the challenge of changing customer behaviour, as the new reality in banking. The bank has decided to respond to the fall in the number of transactions at its outlets by reducing the number of outlets.

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HSBC to close another 62 branches this year

HSBC

HSBC will focus on digital banking, close down 62 branches this year

The Hongkong Shanghai Banking Corporation or HSBC, one of the leading banking service providers globally, has decided on economic measures as it prepares itself more for digital banking. It is going to make digital banking a priority over the traditional form. An increasing number of customers are taking to the electronic format of banking recently, which has forced the bank to cut down on physical banking. As a result, the London-based bank will close down a number of its branches across the country and focus on the digital mode.

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RBS to close 158 branches and put 472 jobs on the line, as more and more people shift towards digital banking

RBS

RBS to close a number of UK branches, to focus on digital banking

The Royal Bank of Scotland or RBS, one of the four high street banks and clearing agents in the UK, has decided to change the way it offers services. The bank has decided to overhaul its functioning and make digital banking a priority for itself. It is closing down a number of branches as it sees red for the ninth consecutive year. Precisely, it will close down 158 branches across the UK and focus on electronic mode of banking. The majority of the branches that the bank will close are Natwest branches. Most branches will be shut down in September or October.

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Banks

Analyst reactions to Barclays second quarter earnings: “This is a perplexing set of results”

PPI and Barclays

Analysts perplexed at Barclays performance in the second quarter

The sale of Africa business of Barclays and the PPI has caused Barclays slid to a £1.4bn attributable loss. The bank has significantly downgraded its Africa business and currently has just 15% stake in the operations. The bank now intends to concentrate on its core strategy of transatlantic market and the bank’s operations will be managed from the US and the UK. The group also faces PPI mis-selling for which for which it will compensate its customers. The bank has reported half-year pre-tax profit of £2.3bn which does not include the impact of the Africa sale. The figures fall below analyst expectations of £2.7bn.

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Banks

Barclays suffers £1.2bn loss for first half of the year and sets aside additional £700m for PPI

Barclays suffers

Barclays has reported £1.2bn loss for the first half of the year which includes the sale of its Africa business

Primarily due to the sale of its Africa business, Barclays has reported a £1.2bn loss for the first half of the year. The sell-off is according to the strategy followed by Barclays to focus on transatlantic operations and centre its business activities on the US and the UK. On the same lines, the group is also centring its activities on its core business and moving out business which is considered non-core.

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