- Total assets of credit institutions headquartered in the EU increased year on year by 6.2%, from €33.2 trillion in September 2018 to €35.3 trillion in September 2019.

- The non-performing loans ratio[1] for EU credit institutions dropped year on year by 0.5 percentage points to 2.9% in September 2019.

View Full Report

Barclays has published its Full Year 2019 Results

Jes Staley, Group CEO said: “2019 was another year of progress for Barclays, continuing the positive momentum across our business and allowing us to increase returns to shareholders.
Excluding litigation and conduct, profit before tax was up 9% to £6.2bn, and Group return on tangible equity improved to 9.0% for the year, in line with our target for 2019.

Disciplined cost management and income growth resulted in a cost: income ratio of 63%, excluding litigation and conduct, and we saw positive jaws across all operating businesses, allowing us to continue investment in our service to customers and clients, including future growth opportunities, as well as improving profitability.

Barclays is a British universal bank, with a well-balanced mix of consumer and wholesale businesses, across geographies and currencies: this helps us deliver year-on-year improvements in profitability during a period of macroeconomic uncertainty.

We continue to believe that it is appropriate to target a return greater than 10%, and we are managing our business to achieve that. However, given the low interest rate environment, it has become more challenging to achieve that target in 2020. Nonetheless, Barclays is confident of further improving returns meaningfully this year.

Looking ahead, we will extend our customer reach by using our current strengths - our brand, our existing digital proposition, our universal banking model, and leading market positions. We will accelerate our digital journey, and continue to play a leading role in capturing innovation and bringing it to life, at scale, for millions of customers and clients. In this way, we will invest for growth in areas that are less capital intensive, further diversifying the Group without limiting our commitment to the businesses we already have.

Through continued cost discipline, we will also create the capacity to make targeted investments across our business.

With continued strong capital generation and a CET1 ratio of 13.8%, we are pleased to be able to deliver improved returns to shareholders, and have declared a total dividend of 9 pence per share – up from 6.5p in 2018, and three times that of 2017.

We expect future earnings to drive increased returns to shareholders, as we anticipate a significant reduction in charges related to litigation and conduct from this year onwards. We intend to pay a progressive ordinary dividend supplemented with additional cash returns to shareholders, including share buybacks, as and when appropriate.

I look forward to delivering for all of our stakeholders in 2020 and beyond.”

View Full Press Release

Standard Insurance Company (The Standard) announced that John Rucker has been hired as assistant vice president of Corporate Tax. Rucker will be responsible for developing and leading a team of dedicated tax professionals who will work with other financial reporting and operations personnel to streamline and achieve efficiencies in The Standard’s tax reporting and information gathering processes.

Rucker joins The Standard with more than 38 years of corporate tax experience with Ernst & Young and Deloitte Tax. Most recently Rucker served as senior vice president of Tax for Lionsgate Entertainment.
“I am excited to welcome John to the team,” said Rob Erickson, vice president, chief accounting officer and treasurer at The Standard. “He brings a wealth of tax experience including deep multistate expertise to his role at The Standard.”

Rucker holds a Master of Laws in taxation from Georgetown University and a Juris Doctor from Michigan State University College of Law.

• Special edition notes sold at auction to generous bidders
• All money raised will support 14 – 18 year olds’ mental health resilience.

Bank of Scotland has raised £112,590 for Mental Health UK after auctioning off valuable versions of its upcoming £20 Polymer bank note.

A total of 92 notes that contain desired serial numbers were up for grabs at the auction run by SPINKS in London on the 12th February, with every single one being snapped up by attendees.

In addition, bidders could get their hands on 50 commemorative notes.These notes feature the Queensferry Crossing on the reverse, as well as the most sought after serial numbers with the AA pre-fix. Only these 50 notes will ever be printed with the AA pre-fix on the commemoratve design.

Thanks to the generous public for their bids, a fantastic £112,590 has been raised for Bank of Scotland’s charity of the year, Mental Health UK.

Brian Dow, Chief Executive of Mental Health UK, said: “At Mental Health UK we know there is a growing need for support for young people. That’s why, with funding from Bank of Scotland and the rest of Lloyds Banking Group, we created Bloom – the largest UK-wide programme for 14-18 year olds - which focuses on supporting young people’s mental health resilience. With this support we can expand the reach to over half a million young people, equipping them with the tools and knowledge needed to support their mental health now and in the future.”

Tara Foley, Managing Director, Bank of Scotland said: “Thank you to everyone who bought one of these very special £20 polymer bank notes. Not only do they now own a piece of history, they have also put money towards a cause which is very close to our hearts at Bank of Scotland.”

£20 Polymer Note Reflecting the new notes due into circulation later this month, the 50 special edition Queensferry Crossing notes are printed with a unique serial number, commencing with AA. The front of the note features the portrait of the Scottish novelist and poet, Sir Walter Scott, alongside the image of The Mound in Edinburgh. The distinctive red Forth Bridge remains on the reverse, which was listed as a World Heritage Site by UNESCO, in July 2015.

One of the key security features of Bank of Scotland’s polymer notes is the anti-counterfeit ‘window effect’ which can be found in the windows of The Mound which appear on the note. The £20 polymer note features a holographic depth stripe, and the top of the foil includes a ‘Northern Lights’ effect when tilted. In addition, the clouds adjacent to Victory will move left to right when tilted east to west.

Mental Health UK Through the partnership with Mental Health UK our aim is to raise a further £4 million by the end of 2021 to expand ‘Bloom’ - a UK-wide programme delivered in schools and colleges which supports young people’s mental health resilience. Bloom aims to reach half a million young people, teaching them skills and techniques that will help them with challenges such as exam pressure, relationships and bullying. The partnership also continues to fund the Mental Health and Money Advice service. An advice service helping thousands of people in the UK every year who are experiencing difficulties with both their mental health and money.

Canadian Premier Life Insurance Company ('Canadian Premier') announces it has signed an agreement with U.S.-based Western & Southern Financial Group ('Western & Southern') to purchase its block of Canadian life insurance business, marketed under the Gerber Life brand. Closing of the purchase is expected to take place in the Second Quarter, 2020, subject to regulatory approval.

"This is an exciting acquisition for Canadian Premier as we focus on growing in the Canadian marketplace," says Canadian Premier Chief Executive Officer Suzette Huovinen . "We are invested in Canada and in pursuing opportunities that expand our footprint beyond our core group creditor insurance business. Canadian Premier is well positioned to support the diverse market need for both life and specialized protection."

The block of business from Western & Southern includes individual life insurance policies, primarily the Grow-Up® plan, which are whole life policies geared towards children 12 years of age and under. Upon closing, the Gerber Life Canadian policies will be fully assumed by Canadian Premier.

Adds Huovinen: "Canadian Premier is committed to providing financial security to families throughout moments that matter. We look forward to welcoming a new generation of customers to Canadian Premier and providing them excellent products and services."