Zopa Bank begins maiden voyage to help support the post-pandemic economy

Rising to prominence during the 2008 financial crisis, peer-to-peer lender Zopa has been awarded its full bank licence as the UK faces a new financial crisis. Zopa Bank will sit alongside the company’s existing peer-to-peer business, personal and auto loans and investment products as part of the Zopa Group and will include several new products such as a fixed term savings account and a credit card.

Zopa Bank begins maiden voyage to help support the post-pandemic economy

Jul 06, 2020

Rising to prominence during the 2008 financial crisis, peer-to-peer lender Zopa has been awarded its full bank licence as the UK faces a new financial crisis. Zopa Bank will sit alongside the company’s existing peer-to-peer business, personal and auto loans and investment products as part of the Zopa Group and will include several new products such as a fixed term savings account and a credit card.

More than 1 million UK businesses supported under COVID-19 lending schemes

The banking and finance industry has supported more than one million UK businesses with lending schemes to help them through the Coronavirus crisis, according to new figures published by HM Treasury. Facilities worth £42.9 billion have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS) and Coronavirus Large Business Interruption Loan Scheme (CLBILs). The number of finance agreements approved is around 14 times higher than the long-term quarterly average for this time of year.

More than 1 million UK businesses supported under COVID-19 lending schemes

Jun 30, 2020

The banking and finance industry has supported more than one million UK businesses with lending schemes to help them through the Coronavirus crisis, according to new figures published by HM Treasury. Facilities worth £42.9 billion have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS) and Coronavirus Large Business Interruption Loan Scheme (CLBILs). The number of finance agreements approved is around 14 times higher than the long-term quarterly average for this time of year.

Global experts recommend $3tn post-Coronavirus investment in green initiatives

The International Energy Agency (IEA) is calling for a massive investment in green energy to boost global economies and protect the environment. Its World Energy Outlook special report creates a vision of a post-carbon economy, with $3 trillion invested in renewable alternatives by 2024.

Global experts recommend $3tn post-Coronavirus investment in green initiatives

Jun 25, 2020

The International Energy Agency (IEA) is calling for a massive investment in green energy to boost global economies and protect the environment. Its World Energy Outlook special report creates a vision of a post-carbon economy, with $3 trillion invested in renewable alternatives by 2024.

EMEA

Hitachi Capital Business Finance reports jump in lending and profits despite challenges at end of its financial year

Jun 18, 2020

Hitachi Capital Business Finance has achieved record annual rises in profits and new business despite a challenging March as its financial year came to an end. Profits rose 19% to £24.6 million and the total asset portfolio increased 7% to £1.3 billion. The business division also paid out £1.2 billion in new business, up 34% on last year’s £0.9 billion. As the Coronavirus crisis began at the end of its financial year, it participated in the Coronavirus Business Interruption Loan Scheme (CBILS) the day after its announcement on March 23.

Americas

CIT upgrades B2B point-of-sale lending platform

Feb 20, 2020

The small business solutions arm of CIT Group has launched a new version of its point-of-sale lending platform. The platform is available online and on mobile devices to simplify financing for small business purchases of $2,500 or more. Business customers can shop for products, be approved for credit, select terms and receive electronic documents to secure their purchase electronically. The platform also provides real-time monthly payment quotes and automatically sends electronic documents to customers for review and e-signature.

Asia Pacific

Brand value of world’s largest banks contracts for first time since financial crisis

Feb 19, 2020

The total brand value of the world’s 500 largest banks has declined for the first time since 2009. Research by independent brand valuation consultancy Brand Finance found the global brand value of the top banks fell from $1.36 trillion at the start of 2019 to $1.33 trillion for 2020. Chinese banks occupy the top four places in the Brand Finance Banking 500, with ICBC retaining first place overall. It is the country’s biggest lender with 600 million customers.