CITY WHISPERS: Estonians grab licence while Revolut is forced to wait

Britain and its financial regulators are under fire, with one of the loudest critics being financial technology company Revolut.

The company’s boss, Nik Storonsky, has slammed the watchdogs for failing to grant his company a UK banking license.

Revolut has had its accounts approved by its accountant, but its banking license – which it confidently said earlier this year would go through within days – has still not been handed over.

Interestingly, others looking to make their mark in the UK financial sector seem to be having an easier time.

LHV Bank, an Estonian group headquartered in the capital Tallinn, managed to secure its own UK banking license in early May, seemingly with few problems.

A spokesperson for LHV said Britain’s contentious regulators are “very focused” and promoting “strong competition”. Maybe something for Nik to think about.

Information set for AGM payroll row

Events group Informa suffered one of its biggest revolts last year when a majority of shareholders rioted against a £2.8 million remuneration package for CEO Stephen Carter.

The latest accounts show the former boss of media regulator Ofcom and assistant to Gordon Brown paid £3.8 million this time, bringing total earnings since he joined a decade ago to £28 million.

In that time, Informa’s share price has grown an average of 4 percent per year — nothing to sneeze at, but hardly the lights out.

Chairman John Rishton says he is pleased that a new remuneration policy was worked out at last year’s meeting ‘with recognition of differences of opinion’.

Does that make him quieter at this week’s annual meeting?

WE Soda adds a touch of glamor to the Footsie

The news that WE Soda, which makes Soda Ash – a key component of glass – is planning to head to London has been welcomed by investors and bankers alike.

So far, 2023 has been an annus horribilis for the UK market, with Cambridge microchip designer Arm picking New York, with many more UK companies saying they want to follow suit.

With a valuation of £6 billion, We Soda should go straight into the FTSE 100.

It will also bring a touch of glamor to the Footsie, which is majority owned by Turkish media mogul Turgay Ciner, 67, and his wife Didem, 43, who is the chairman.

She joins a still woefully small number of women at the top of blue chip firms.

The Credit Suisse carnage continues

The bloodbath after the takeover of Credit Suisse by UBS continues.

Sources say 200 Credit Suisse bankers are leaving every week, with London being hit hard as there are more than 5,000 Credit Suisse employees in the capital.

UBS chairman Colm Kelleher told investors last month he was concerned about “cultural contagion” in hiring investment bankers from Credit Suisse, adding: “A bit like Japanese knotweed, at Credit Suisse the investment bank grew out of control and absorbed all this capital.’