Hints and tips:
...The lenders to Finastra were not explicitly told where Vista had gotten the $1bn it pumped into the company....
...Santander Consumer USA, the Dallas-based subprime car-loans unit of Spain’s biggest bank, has continued to hit the brakes, cutting originations by a quarter and pumping up its reserves as it retreats from...
...The press release noted debt financing would come from Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC. The bank also provided M&A advice to Thermo Fisher....
...She is also joining Santander’s international advisory board and becoming a director of Openbank, its online lender....
...Before the results, the shares had lost about 3 per cent on the news that Santander Consumer USA, the subprime auto giant, had decided to exit the consumer loans business....
...He is due to be replaced by Bruce Hemphill, formerly an executive at the African lender Standard Bank, by the end of the year....
...In conjunction with its lenders, the company has since asked accountants PWC to take a close look at the books of the legal business....
...Santander entered the US auto lending market in 2006 and expanded by means of purchasing distressed portfolios of subprime loans from other lenders....
...Growing volumes of euro-denominated “covenant light” loans have now aroused the interest of European regulators, who are increasing their monitoring of lenders’ behaviour....
...Santander, Spain’s largest bank by assets, gained control of the auto lender in 2006, buying its stake from HBOS and managers of the US company....
...If a deal is struck, Santander Consumer USA, which has a loan portfolio of about €18bn, would replace Ally Financial – Chrysler’s current preferred lender, which is majority controlled by the US government...
...The lender, bought for $500m from HBOS, no longer fits the Spanish bank’s line-up....
...Santander, which recently completed the listing of a stake in its Mexican subsidiary, has begun to explore listing Santander Consumer USA, which has a loan portfolio of about €18bn, according to a person...
...However officials said the scheme would not be a bank, and would require participating lenders to set aside sufficient provisions....
...The company had been loss-making for four years, and had incurred liabilities of more than $1bn, including more than $40m owed to Penguin USA, a division of Pearson, owner of the Financial Times....
...Brown Rudnick is advising PSW NYC LLC, the entity created by Pershing and Winthrop, another source added....
...LLC....
...In Stoneridge Investment Partners v Scientific Atlanta , the court is considering whether investors can recover from firms – including accountants, lawyers and bankers – that help a public company commit...
...Countrywide, the largest US mortgage lender, fell 12.2 per cent to $30.09 afterit posted a 33 per cent slide in second quarter profit. The weaker housing market prompted it to lower the 2007 outlook....
...The equity holding in one of the mainland’s “Big Four” lenders sits rather oddly with the foundation’s other projects – the more predictable donations to schools, hospitals and sporting facilities....
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