Global

Santander deal for Williams & Glyn could still stall

A deal for Santander to buy Williams & Glyn’s 300 branches from Royal Bank of Scotland (RBS) might still stall if an agreement cannot be reached that ensure more than a million customers move over to Santander The European Union (EU) had ordered that RBS sells off Williams & Glyn by 2017 as a condition of its £45 billion bailout…

Consumer Financial Protection Bureau proposes cap on customer debt collection contact

Consumer Financial Protection Bureau (CFPB),an independent agency of the United States government,  has suggested capping the amount of times debt collectors can contact consumers. The proposal will affect more than 6,000 debt collection firms in the US.

Microcredit lending scheme launched in Ireland

Irish Social Protection Minister Leo Varadkar has announced a new scheme to allow credit unions provide small affordable loans. A pilot scheme in 30 credit unions saw 1,300 people accessing the loans, the average amount of which was under €500. A further 50 credit unions have already expressed interest in joining the scheme Up to 400,000 people are estimated…

Europe’s oldest bank weakest in Stress test results

https://www.theguardian.com/business/2016/jul/29/rescue-package-in-place-as-europes-oldest-bank-fails-stress-tests

MasterCard to buy VocaLink

MasterCard Incorporated has announced that is going to acquire VocaLink Holdings Limited for about £700 million (approximately US$920 million).

Strategic Banking Corporation of Ireland and Bibby Financial Services launch invoice financing fund

The Strategic Banking Corporation of Ireland (SBCI) and Bibby Financial Services Ireland (BFSI) have announced a €45million lower-cost invoice financing fund for Irish SMEs. An extension of SBCI’s on-going efforts to drive competition and choice in the Irish lending market, the announcement sees €45 million in funding being made available to Irish businesses. The agreement enables…

Bibby Financial Services agrees €150 million funding agreement

Bibby Financial Services has announced the fund to support European SMEs. The three-year agreement with HSBC will be available to new and existing SME customers.

US Regulator fines Santander $10million to settle vendor’s overdraft practices

http://www.cityam.com/245522/santander-bank-fined-10m-us-settle-vendors-overdraft

Uncertainty for businesses and UK insolvency regime following Brexit

“Leaving the EU will have a major impact on the way corporate insolvency works in the UK.   “Domestic insolvency legislation itself is likely to be unaffected, the insolvency profession is involved in a lot of cross-border work in Europe. One key change is that it could become much harder to retrieve assets on behalf…

Duff & Phelps have acquired Corporate Finance Ireland (CFI)

Lowell GFKL Group to acquire IS Inkasso Service (Austria)

Arrow Global to acquire InVesting BV (InVesting)

Arrow Global to acquire InVesting BV (InVesting), a debt purchaser and collections firm based in Belgium and the Netherlands, for £78.5 million (€100million)

OUTSOURCING Inc. has acquired JBW Group Limited (JBW)

OUTSOURCING Inc. has acquired JBW Group Limited (JBW) and  Case Dynamics Limited in a deal that valued the businesses at over US $34.5 million