The FTSE 100 opens at 8am. Companies with reports and trading updates today include NatWest, Sainsbury’s, YouGov and Tate & Lyle. Read the Business Live blog from Thursday, June 20 below.
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Hargreaves Lansdown co-founder ‘bittersweet’ from £5.4bn sale to private equity consortium
The co-founder of Hargreaves Lansdown has described the sale to private equity buyers as “bittersweet” as he raised concerns about their intentions.
Stephen Lansdown, who has a 5.7 per cent stake in the investment platform, has backed the £5.4 billion bid by a consortium of investors led by buyout giant CVC.
His comments came after HL’s board said this week it would accept the £11.40 per share deal.
NatWest is to buy assets from Sainsbury’s Bank
NatWest will take over the majority of Sainsbury’s banking operations, boosting the British lender’s assets by £2.5 billion in the first major transaction carried out by boss Paul Thwaite since he formally took on the role last year.
The acquisition will also increase customer accounts by approximately 1 million, in line with the lender’s strategy to ramp up its retail banking activities.
The deal is the latest sale of banking operations by a major British retailer, after rival supermarket chain Tesco transferred most of its banking operations to Barclays in a £600m deal earlier this year.
“In addition to a complementary customer base, the transaction is expected to add scale to our credit card and unsecured personal lending businesses, within existing risk appetite,” Thwaite said in a statement.
“NatWest Group has a strong track record of successful integration and we are focused on ensuring a smooth transition for customers.”
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