It is understood Lloyds may be forced to run the IF business down to appease European Union rules on state aid in a move that would mark the end of the 12-year-old brand.
IF was due to be offloaded alongside the 632 branches as part of the divestment requirements by the EU, but was not included in the final Co-op deal.
In a statement to IF customers, Lloyds said: “Following detailed discussions with The Co-operative Group, our Intelligent Finance business will no longer be included in the transfer of part of our business. This is because it did not fit with the Co-operative’s strategic requirements.”
It is understood a key issue in the decision was the additional funding requirements needed by the Co-operative to take on IF.
Customers and staff are being told it is business as usual for IF until further notice. But the news leaves a question mark over the future of what was once hailed as the pioneer of online banking. IF hoped to change the world of banking when it launched in the autumn of 2000, as an early enthusiast of offset mortgages.
It has since been somewhat sidelined after first pulling out of selling direct mortgages in 2007 and then exiting mortgages altogether two years later, under a Lloyds restructure.
The group has since offered savings products only, but rarely appears in the best-buy tables as it has been pushed out by building societies keen to attract savers with attractive rates.
Price comparison firm Moneyfacts said while it did not always have the top introductory rates, IF still had some good deals.
“IF may not have a market-leading account, however they do offer a relatively decent rate on their ISA of 2.5 per cent that is just shy of the top paying cash ISAs and it doesn’t include an introductory bonus to keep track of, unlike many of the best buy ISAs,” said the publication.
IF was founded by Jim Spowart who previously helped launch Direct Line and Standard Life Bank.
It was one of the original pioneers of online financial products and, in its first year, 250,000 accounts were opened helping it become the first ever bank to break even in the first three years of trading.
One year after launch some analysts valued IF at £700 million and it was seen by then HBOS chief executive James Crosby as a key part of the group.
Lloyds has not disclosed IF’s staff or customer numbers although in 2009 Livingston MSP Angela Constance raised concern over job losses at the bank’s site in the constituency and at the time she said there were some 1,000 people employed within the business in the town.
Apollo Commercial Real Estate Finance, Inc. Announces Dates for Second Quarter 2012 Earnings Release and Conference Call - NBCNews.com
NEW YORK, NY — Apollo Commercial Real Estate Finance, Inc. (the "Company" or "ARI") (NYSE: ARI), today announced the Company will hold a conference call to review its second quarter financial results on Tuesday, August 7, 2012 at 8:30 a.m. Eastern Time. The Company's second quarter 2012 financial results will be released after the market closes on Monday, August 6, 2012. During the conference call, Company officers will review second quarter performance, discuss recent events and conduct a question-and-answer period.
Teleconference Details:
Members of the public who are interested in participating in the Company's second quarter earnings teleconference call should dial from the U.S., (877) 263-2989, or from outside the U.S., (702) 928-7168, shortly before 8:30 a.m. and reference the Apollo Commercial Real Estate Finance, Inc. Teleconference Call (number 10363577). Please note the teleconference call will be available for replay beginning at 10:30 a.m. on Tuesday, August 7, 2012, and ending at midnight on Tuesday, August 14, 2012. To access the replay, callers from the U.S. should dial (855) 859-2056 and callers from outside the U.S. should dial (404) 537-3406, and enter conference identification number 10363577.
Webcast:
The conference call will also be available on the Company's website at www.apolloreit.com. To listen to a live broadcast, please go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 30 days on the Company's website.
About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a commercial mortgage real estate investment trust that originates, invests in, acquires and manages senior, performing commercial real estate mortgage loans, commercial mortgage-backed securities, and other commercial real estate-related debt investments in the U.S. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, LLC (NYSE: APO), a leading global alternative investment manager with $86 billion of assets under management at March 31, 2012.
Additional information can be found on the Company's website at www.apolloreit.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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