Goldfish writedown fuels credit worry - Published:03/01/08
Discover Financial Services, the US credit card collection, on Monday fuelled concern about the consumer praise outlook in the UK by announcing it would write down the value of its Goldfish credit card commerce by up to $422m (£204m)The writedown, which covers all the kindness on its $17bn acquisition of Goldfish from Lloyds TSB last year, reflected “continued disturbance in UK financial markets”, said David Nelms, Discover chief decision-makingMr Nelms supposed the disruption, higher interest rates and Discover’s decision to reduce its loan exposure to the UK market had abridged the book worth of the Goldfish business The UK credit certificate market remained “very challenging” and Discover would “assess options to maximise saver returns”Discover paid a 22 per cent premium to Goldfish’s net receivables when it concluded the contract in February 2006 Like many of its rivals, Discover’s UK commerce has been strike by higher funding costs and rising loan losses Its international card commerce recorded more than doubled pre-tax wounded of $67m in the three months to AugustMr Nelms said Discover’s efforts to refocus the Goldfish commerce had begun to bear crop and it would continue implementation of “significant actions” to get better its performanceDiscover’s shares have fallen 40 per cent since the corporation was spun off from Morgan Stanley five months ago On Monday they were down more than 3 per cent at $1680 in early afternoon trading in New YorkThe company on Monday supposed the board had given authorisation for buy-backs of up to $1bn of storeMr Nelms said it was satisfied with its continued focus on risk management, pointing to the information that charge-offs in the US are expected to remain below 4 per cent in the fourth quarter The charge-off rate in its global business was 656 per cent in the third quarterGoldfish, which had 800,000 customers, was at first a joint venture between Lloyds TSB and Centrica, proprietor of British GasDiscover, which had 15m customers in the UK, was seen as having paid a full cost for the business, which increased its credit card loan book to £23bnCopyright The Financial Times Limited 2007Interbank rates fuel anxiety - Dec-03View of the day: European stocks - Dec-03Lex: UK rates - Dec-03Credit press piles on the pain - Dec-03Year end drives lending spike - Dec-03Paulson ‘confident’ of mortgage contract - Dec-03More from this sectorBlogsBrussels BlogCharles PretzlikClive CrookDear LucyEconomists’ ForumEnergy FilterJohn GapperGideon RachmanTech BlogThe in secret EconomistWestminster BlogWillem Buiter’s MavereconRegional pagesLatin American agendaChinaIndiaBrusselsInteractivePodcastsDebates & pollsAsk the expertMarkets Q&A© Copyright The Financial Times Ltd 2007 "FT" and "monetary Times" are trademarks of.
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Lloyds TSB unveils transfer card for Polish banking customers - Published:03/05/07
shine banking customers may be interested to learn that Lloyds TSB has introduced a new certificate that is designed to ease the process of distribution money back home to parentsThe banking institution's money transfer card can be loaded with money by the proprietor, before sending it to a close friend or family member in Poland Then, wherever they see the Visa sign, they will be able to use the certificate to create cash withdrawals or fund purchases depending upon their financing needsUnveiling the financial services product, Mark Cockburn, retail system manager of Lloyds TSB Scotland, pointed out the sociological trends that have led to greater than before demand for Polish banking"In the past 12 months, we have experienced a rush in the number of novel accounts being opened with over 120,000 novel present accounts opened by Polish customers just last year," he saidThe eastern European country formally joined the EU on May.
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Lloyds TSB Student Account 'eases financial pressure' - Published:26/10/06
The Lloyds TSB scholar Account could provide students with a small piece of leeway when they embark on their university studiesA review undertaken by Lloyds TSB Student Banking found that 86 per cent of those considering becoming freshers, put the responsibility on studying firm rather than partying or protestingAllied to this, the significance of finances was underlined by the fact that 66 per cent of potential students would not consider purchasing second hand clothes while 78 per cent supposed hi-tech gadgets were crucial items for studentsMarcus Banks, head of student banking at Lloyds TSB, remarked: "Students of the noughties dont actually bear much similarity to students of the seventies either in terms of approach or lifestyle""Increasing financial pressure means that students are much more serious about their university career and dont want to waste their investment," he addedThe Lloyds TSB scholar Account offers a £1,500 interest-free overdraft, available over three natural life, and a free iPod shuffle topic to terms and conditionsAlso available with the Lloyds TSB scholar Account is a larger overdraft of £2,000 for students progressing studies beyond their third.
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Lloyds Tsb Student Account 'Eases Financial Pressure' >>
