Bancorp's value gets a boost
Friday 13 October 1995
NatWest Group's negotiations to sell its US retail banking operations were boosted yesterday by a 41 per cent rise in pre-tax profits at Bancorp to $337m (pounds 225m) for the first nine months from $240m a year before. NatWest is looking for more than pounds 2.5bn from the sale of the New Jersey-based Bancorp group.
Bancorp posted lower net income for the nine months to 30 September, at $185m compared with $215m in the same period of 1994. The bank said the fall reflected the inclusion of a full Federal income tax provision in 1995 following the utilisation of tax-offsetting benefits in the previous three years.
John Tugwell, NatWest Bancorp's chairman and chief executive, who is the highest-paid man in the group, earning last year a total of pounds 1.5m, said: "These achievements combined with our expanded marketplace presence have enhanced the value of the NatWest Bancorp franchise."
NatWest has decided to take advantage of the current spate of big retail banking mergers and takeovers in the US to cash in on Bancorp at what it hopes will be a full price.
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Number of global billionaires has doubled since the financial crisis
- 3 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 4 Of course, teenage girls need role models – but not like beauty vlogger Zoella
- 5 North Korean officials 'publicly executed for watching South Korean soap operas'
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Number of global billionaires has doubled since the financial crisis
Elizabeth Norment dead: House of Cards actress honoured by Kevin Spacey after she dies aged 61
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Nigel Farage and Frankie Boyle clash over Andrew Lawrence's 'Mock the Week' criticism
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...