Business Latest News: UKFI Hires UBS Banker to Run Down 'bad Bank' Loans

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Business Latest News: UKFI Hires UBS Banker to Run Down 'bad Bank' Loans

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Business Latest News: UKFI Hires UBS Banker to Run Down 'bad Bank' Loans

by Wochit 1:09 mins

Business Latest News: UKFI Hires UBS Banker to Run Down 'bad Bank' Loans

by Wochit 1:09 mins

The body charged with handling Britain's stakes in lenders has hired a senior banker from UBS to manage its holdings in the 'bad bank' books of Northern Rock and Bradford & Bingley. Japan's Olympus Corp said it will raise up to $1.17 billion in a new share issue to expand its medical equipment business and rebuild its financial health, after an accounting scandal plunged the company into the red. Olympus, which counts Sony Corp (6758.T) as its largest shareholder, is marketing its shares to foreigners. The shares will be offered to overseas investors, mainly in the United States and Europe. Lloyds Banking Group shares jumped to a 2-1/2 year high as overseas investors stepped up their interest in buying part of the bank and media reports suggested some may want half the government's stake. Former Standard Chartered chief executive Mervyn Davies is talking to others about forming a consortium to be an "anchor" or cornerstone investor in part-nationalized Lloyds- which the government is planning to sell.

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