RBS could change name to repair battered image. Corporate identity under review, reveals chairman. Royal Bank of Scotland Group (RBS) is considering ditching its corporate name after suffering severe reputational damage from the financial crisis and ten years of painful restructuring, according to the bank’s chairman. Sir Howard Davies told The Times that the RBS name was “under review” as the bank had now resolved most of its historical problems and was shifting its focus to investing in its other brands — Natwest, Coutts and Ulster Bank.
French Connection hoists for sale sign. Stephen Marks, the chairman and chief executive of French Connection Group (FCCN), has hoisted a “for sale” sign over the struggling fashion business he founded in 1972. The chain once best known for its Fcuk label said in a statement, which will be issued to the London Stock Exchange today: “The board confirms it is currently reviewing all strategic options in order to deliver maximum value for its shareholders, which includes the potential sale of the company.” Numis, the company’s corporate broker, has been appointed as financial adviser and has approached prospective bidders who might be interested in snapping up the 42% shareholding of Mr Marks, 72. Given the size of his stake, any prospective deal is likely to trigger a takeover offer for the whole company.
Lloyds weighs up £13bn Schroders deal. Lloyds Banking Group (LLOY) is in talks with Schroders (SDR), the asset management giant, about spinning off its £13 billion wealth management division into a joint venture owned by both businesses. Under the deal Lloyds would own 50.1% of the new company while Schroders would own the rest, according to Sky News, which first reported the negotiations. Lloyds would also take a 19.9% stake in Cazenove Capital, the wealth management firm bought by Schroders five years ago, as part of the tie-up.
One of the most influential institutional investors in the City has accused float advisers of “playing silly games” and doing favours for “flakey people” in the wake of the Aston Martin Holdings (AML) and Funding Circle (FCH) IPO disappointments. Richard Buxton, the former Schroders UK equities chief who runs the asset management group Merian, called for fewer investment banks to work on flotations in future to curb the favouring of short-termist hedge funds and other opportunist investors. “Investment bankers are putting the stock with the wrong people. Very flakey people, who if there isn’t an immediate profit to take will do the reverse and cut their losses,” he told The Times. “And this is the rough rule of thumb: the more investment banks involved, the worse the syndication gets.”
Tax web sales to save high street, says Tesco chief Dave Lewis. The boss of Tesco (TSCO) has called for a 2% tax on any goods sold online in an attempt to ease the pressure on struggling bricks-and-mortar retailers. In his latest push to influence the chancellor before the budget this month, Dave Lewis, chief executive of Britain’s biggest grocer, said that an online sales tax would raise at least £1.25 billion, which could be used to lower business rates for high street retailers.
