Banking Sector

Bank shares rose up after stress tests in Europe

The European bank shares rose up because of the huge positive response of the stock markets towards the stress tests of Friday over all banks in Europe.

The shares of the UK banks including Barclays, Royal Bank of Scotland and Lloyds Banking Group rose up by 2%. Meanwhile the shares of Societe Generale rose by 3.6% in France.

Out of total 91 banks, seven banks have failed to pass the stress test which included five Spanish banks, one bank of Greece and one bank of Germany. The tests were carried out to test the ability of the banks to tackle with the economic crisis in the future.

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Vince Cable wants to rise lending by banks

The UK Business Secretary Vince Cable has unveiled his new banking reform plans, which would increase pressure for the banks to increase their lending for the small sized firms. He has said that the banks had to lend more to the good small companies of UK.

He has also pointed out two issues, the bonuses and dividends as the major part in the approach to boost the lending for the small firms. He has also said about the joint consultation papers signed with the Treasury to increase the cash flow for the businesses.

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Metro Bank opens on Thursday in London

Metro Bank, Britain's first new High Street retail bank in more than 100 years, opened its doors in London on Thursday, promising to revolutionize Brits’ banking experience.

The new bank has promised longer opening hours, service beyond compare and a simple range of products that will suit everyone.

All the branches of Metro Bank will remain open from 8am to 8pm from Monday to Friday, from 8am to 6pm on Saturday and from 11am to 4pm on Sunday. The bank will close on just four days of the year, viz. the Christmas Day, New Year's Day, Good Friday and Easter Sunday.

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BofE governor condemns banks for not lending sufficient cash

Bank of England Governor Mervyn King has condemned banks for not lending sufficient cash to small and medium-sized businesses.

Mr. King told MPs on the Treasury Select Committee that it was 'heartbreaking' to see so several small and medium-sized businesses tumbling because banks turned down their request for the essential cash they need to function.

He said that the Government’s existing lending agreements with lenders were not helpful as they set targets for gross lending, whereas it is net lending that matters.

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Chinese Shares Rise in the Wake of Federal Bank Announcement

The federal bank had recently announced that it is planning to keep its monetary policy reasonably loose. In the wake of the announcement, the stocks in China have witnessed an increase.

Southern Airlines Co. of China saw the highest rise in three months. Also, the Industrial & Commercial Bank of China Ltd. plummeted by 0.5% and has declared plans for a rights offering of $6.6 billion. In terms of market value, ICBC is the largest lender in the world.

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