Andrew Turvey’s Post

📣 Dudley Building Society shares financial results and celebrates 17% growth in assets. 📈 To read more on our results for the financial year 2023/2024, visit https://bit.ly/4bGusqC

*Regulatory News* The European Union has decided to postpone a crucial part of the global banking reforms, Basel III, until January 2026, aligning with expected delays in the United States. Originally planned for January 2025, the delay specifically affects rules on market risk coverage in trading books (FRTB). This adjustment aims to maintain fair competition between EU banks and their U.S. counterparts, allowing time to synchronise regulatory timelines globally. Despite this delay, most other Basel III reforms will proceed as scheduled in the EU, ensuring compliance with international standards by January 2025. Read more: https://bit.ly/3RycRKB #BaselIII #FRTB #BaselIIIReforms

Sainsbury's PAYS NatWest Group to take Sainsbury's Bank! 😲🤯 In the latest change in the UK banking sector Natwest has agreed to acquire Sanisbury's retail banking arm with the supermarket set to PAY Natwest £125m to take on the bank. Natwest will acquire £1.4bn of unsecured personal loans and £1.1bn of credit card balances in addition to £2.6bn of deposits. The bank will also add around 1 million customer accounts. Operational infrastructure (ATMs), commission income businesses (insurance, travel money), and Argos Financial Services are all excluded from the transition perimeter. NatWest Group's CEO, Paul Thwaite explained “This transaction is a great opportunity to accelerate the growth of our retail banking business at attractive returns, in line with our strategic priorities,” and “As well as a complementary customer base, the transaction is expected to add scale to our credit card and unsecured personal lending business within existing risk appetite.” Following on from Barclays' acquisition of Tesco Bank, Nationwide Building Society's acquisition of Virgin Money, and the reported acquisition of The Co-operative Bank plc by the Coventry Building Society this year marks a HUGE shift in the retail banking challenger market. What's next? 😲 Answers on a postcard (or in comments below!! 😅).