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Miliband: Apprenticeships For School Leavers

Written By Unknown on Senin, 16 Februari 2015 | 23.33

Ed Miliband has announced plans to make sure every school leaver who makes the grade is given an apprenticeship.

Setting out Labour's economic vision, he promised 80,000 new apprenticeships for 18-year-olds who achieve two A-Levels or a similar vocational qualification.

He said the public sector would provide thousands of places, while firms awarded major government contracts or those who recruit from outside the EU would be required to deliver apprenticeships.

The Labour leader pointed out the number of UK apprenticeships was falling with only one in 10 firms offering places - six times fewer than in Germany.

He said: "Nothing more symbolises the current Government's failing plan than seeing the tax gap - between what should be paid and the revenue received - widening, while the number of apprenticeships available for young people is falling."

The announcement was the centrepiece of a speech in Birmingham in which Mr Miliband set out a "better plan" for an economy that would succeed for "working families of Britain as a whole".

He said: "We need a better plan to replace an economy where tens of billions are lost in tax avoidance with an economy where tens of thousands more of our young people are doing apprenticeships and we help more businesses grow, succeed and create wealth."

Mr Miliband unveiled a 79-page document outlining proposals to generate investment and cut taxes for small businesses in a bid to restore his relationship with firms.

He guaranteed corporation tax would be the "most competitive in the G7" and promised increased competition in energy and banking to bring down bills.

Mr Miliband also said he would introduce a ban on zero-hours contracts and promised to stay in a reformed European Union.

The proposals were welcomed by John Longworth, Director General of the British Chambers of Commerce.

He said: "It is encouraging to see Mr Miliband set out some positive policies for business, notably around access to finance, infrastructure and encouraging long-term investment.

"Mr Miliband is right to focus on the importance of high quality apprenticeships, and collectively we can work harder to deliver more of them.

"We also favour giving employers more control over funding, so that companies can train apprentices with the skills to suit their needs."

Conservative chairman Grant Shapps said Mr Miliband had "never run a business in his life" and was the "last person in the world we should be listening to on this".

Mr Miliband's speech came as the shadow business secretary dismissed the row over Ed Balls' suggestion people should collect receipts from gardeners and cleaners as a "storm in a teacup".

Speaking to Sky News, Chuka Umunna said the shadow chancellor was not demanding everyone must collect written notes in respect of all minor cash-in-hand jobs.

Mr Balls made his comments at the weekend in the middle of the row between the Tories and Labour over tax avoidance and the handling of HSBC's Swiss dealings.

He said he always asked for a receipt, even if it was for £10 to trim a hedge, because it was the "right thing to do".

Work and Pensions Secretary Iain Duncan Smith branded the comments as "absurd".

Speaking in Birmingham Mr Miliband said: "We're all clear the Hedge Funds are more important than the hedge cutters."


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Cyber Criminals Steal £195m From Global Banks

By Tom Cheshire, Technology Correspondent

A group of hackers has stolen at least $300m (£195m) from a number of banks since 2013, according to a security company.

Kaspersky Lab said the total amount stolen could be as high as $1bn (£650m), which it described as "an unprecedented cyber robbery" and "a new stage in the evolution of cyber criminal activity".

The security company has worked with Interpol, Europol and other law enforcement authorities.

It said that a "multinational gang" of criminals - from Russia, Ukraine, China and parts of Europe - were behind the ongoing attacks.

Up to 100 banks and financial institutions were targeted, in around 30 countries, although the majority were in Russia.

Each robbery took between two and four months, and up to $10m (£6.5m) was stolen in each.

The criminals first gained access to a bank by infecting an employee's computer through a spear phishing email - a targeted message which resembles a trustworthy source - that infects the machine with what Kaspersky have called "Carbanak" malware.

This allows remote surveillance of a network, and the criminals then bide their time and observe the screens of bank staff who handle cash transfers.

When they understand enough about the system they would transfer money from the bank to their own accounts.

No customers lost money as a result of the attack.

The criminals also programmed cash machines to dispense money at a pre-determined time, with a criminal waiting to collect the cash.

Sergey Golovanov, principal security researcher at Kaspersky Lab's Global Research and Analysis Team, said: "The attackers didn't even need to hack into the banks' services: once they got into the network, they learned how to hide their malicious plot behind legitimate actions.

"It was a very slick and professional cyber robbery."

Sanjay Virmani, director of the Interpol Digital Crime Centre, added: "These attacks again underline the fact that criminals will exploit any vulnerability in any system.

"It also highlights the fact that no sector can consider itself immune to attack and must constantly address their security procedures."


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City Watchdog Probes HSBC Amid Tax Scandal

By Mark Kleinman, City Editor

The City watchdog has become the latest regulator to enter the fray over the tax evasion scandal at HSBC by examining whether it raises questions about the bank's current culture.

Sky News understands that the Financial Conduct Authority (FCA) has in the past week accelerated its programme of 'close and continuous' supervision of the bank by reaching out to other agencies and HSBC executives about the affair.

News of the FCA's intervention, which does not amount to a formal inquiry, comes just days after its chief executive told MPs it had been unaware of the tax-dodging allegations despite a long-running investigation by Her Majesty's Revenue & Customs (HMRC).

In a statement issued to Sky News, an FCA spokesman said: "This [tax scandal] has served to reinforce the importance of firms operating with the right culture across all of their operations.

"The FCA is working closely with the firm and other agencies which have an interest in this matter to ensure that any questions this may raise in relation to any current practices and culture of HSBC are addressed."

It was unclear on Monday exactly how wide-ranging the FCA's examination of HSBC's "current practices and culture" would be, although one senior City figure suggested it was important for the regulator's reputation that it was seen "not to be sitting on the sidelines of such an important story".

Insiders said the FSA was talking to both HMRC and the Treasury about what steps it could take to examine the conduct issues at HSBC.

Since the misconduct at HSBC's Swiss private bank initially came to light more than five years ago, its parent has changed its senior management team and employed thousands more staff to work in its compliance functions.

Stuart Gulliver, HSBC's group chief executive, took over in 2011, and last week told the bank's 250,000 staff of his frustration that the re-emergence of the issue was obscuring his overhaul of the organisation.

"You have been working tirelessly and with great dedication to build a stronger HSBC with fully global businesses and functions, rigorous controls and the highest global standards, all underpinned by a clear strategy to serve our millions of loyal customers," Mr Gulliver wrote.

"I share your frustration that the media focus on historical events makes it harder for people to see the efforts we have made to put things right.

"But we must acknowledge we sometimes failed to live up to the standards the societies we serve rightly expected from us."

In his first remarks to the bank's workforce about the scandal, Mr Gulliver said that HSBC's Swiss private bank had been "completely overhauled" since 2008, when a whistleblower, Herve Falciani, stole data relating to tens of thousands of accounts and passed it to French authorities.

While many of the accounts were held legally, the details of tax-evading assistance given to wealthy customers by HSBC's Swiss private bank has raised the prospect of new investigations by regulators in the UK, US and elsewhere.

HSBC ran advertisements in national newspapers at the weekend apologising for the historical lack of oversight.

The tax authorities are also facing scrutiny over the dearth of successful prosecutions of HSBC customers found to have evaded taxes, while David Cameron has been urged to disclose whether he knew about the scale of the issue when he appointed Lord Green, the bank's chairman, as his trade minister in 2010.

The FCA's predecessor body, the Financial Services Authority did not conduct a formal investigation into the HSBC Swiss tax issues because it did not have the jurisdiction to do so, according to one source.

HMRC is understood to have discussed the issue with the Serious Fraud Office (SFO), although observers have pointed out that the SFO has no additional powers to prosecute tax evasion offences.

An official at the Bank of England's regulatory arm has also signalled that it could launch an examination of the affair.

Martin Wheatley, the FCA chief executive, told the Treasury Select Committee last week that he was "not aware" of the scale of the issue, which Andrew Tyrie, the Committee chairman, said was "extraordinary".

Since 2012, HSBC has been subject to an independent monitor following a $1.9bn fine for breaching money-laundering and sanctions laws.

The bank is bound by a deferred prosecution agreement running until 2017, although the Swiss tax-dodging scandal pre-dates the signing of that deal with US lawmakers.

HSBC declined to comment on its discussions with the FCA.


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Is Apple Building Top Secret Electric Car?

Is Apple Building Top Secret Electric Car?

We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.

Apple is moving into the automotive industry by designing an electric car, according to reports.

A team of 1,000 has been assembled by the company to build the vehicle, which the Wall Street Journal says "resembles a minivan".

The newspaper reports it could take several years for "Project Titan" to reach the production stage.

Apple may not even end up producing a car at all, the paper writes.

Instead it could use any prototype to test other mobility technologies it is working on, such as CarPlay, which integrates your phone with the dashboard.

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  1. Gallery: A Legacy: Apple Products Timeline

    The Apple II was the first computer that Apple made in large numbers. It was released in 1977

The Macintosh was released in 1984 and was the first mass-produced personal computer to feature a mouse

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The Mac Portable was Apple's first laptop computer. It was released in 1989

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The iBook was released in 1999 in two colours, orange and blue, with these colours added a year later

]]>

This redesigned G3 Power Mac was released in 1999

]]>
Is Apple Building Top Secret Electric Car?

We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.

Apple is moving into the automotive industry by designing an electric car, according to reports.

A team of 1,000 has been assembled by the company to build the vehicle, which the Wall Street Journal says "resembles a minivan".

The newspaper reports it could take several years for "Project Titan" to reach the production stage.

Apple may not even end up producing a car at all, the paper writes.

Instead it could use any prototype to test other mobility technologies it is working on, such as CarPlay, which integrates your phone with the dashboard.

1/24

  1. Gallery: A Legacy: Apple Products Timeline

    The Apple II was the first computer that Apple made in large numbers. It was released in 1977

The Macintosh was released in 1984 and was the first mass-produced personal computer to feature a mouse

]]>

The Mac Portable was Apple's first laptop computer. It was released in 1989

]]>

The iBook was released in 1999 in two colours, orange and blue, with these colours added a year later

]]>

This redesigned G3 Power Mac was released in 1999

]]>

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ITV's Norman Courted Over Tesco Chairmanship

By Mark Kleinman, City Editor

Tesco has approached the former Conservative MP Archie Norman about becoming its chairman as the UK's biggest retailer nears a decision on a crucial component of its revival plan.

Sky News has learnt that Tesco has been holding "active talks" with Mr Norman about taking over from Sir Richard Broadbent, although he is not the only candidate in the frame for the role.

The company, which is in the process of shedding thousands of jobs as it attempts to rebuild its reputation in the wake of a commercial trading scandal, is said to be keen to decide on its next chairman by the end of the month.

John Allan, the former chairman of Dixons Retail, also remains in talks with Tesco's board about the job, according to a person close to the process.

Mr Norman's name has been associated with the impending vacancy ever since Sir Richard indicated last autumn that he would step down this year.

Now the chairman of ITV, he spent eight years as a Conservative MP during the party's last period in Opposition.

He made his name as a businessman while chief executive and then chairman of Asda between 1991 and 2000, with subsequent roles including chairmanships at Energis and HSS, the tool-hire chain.

Mr Norman would be a popular choice among Tesco shareholders, many of whom have bemoaned the lack of retail experience on its board.

One hurdle to Mr Norman taking the role could be his existing range of international business interests, which include chairing the London operation of Lazard, the investment bank, the toy retailer Hobbycraft, and serving as a director of Target and Coles in Australia.

If he took the Tesco job he would almost certainly have to relinquish some of these positions.

Tesco's recruitment process remains fluid and it still remains possible that another person could become its new chairman.

A decision could be announced as early as next week.

Sir Ian Cheshire, the former chief executive of DIY retailer Kingfisher, was also approached about the job but withdrew from the process after preliminary talks.

Sir Richard's intention to step down emerged after Tesco overstated profits by £263m because of its inaccurate booking of revenue from suppliers.

The Serious Fraud Office has launched a formal criminal investigation, which sources say is likely to take about a year to conclude, while the Groceries Code Adjudicator and the Financial Reporting Council are undertaking separate inquiries

Tesco suspended nine executives over the affair, four of whom have left the company, with most of the rest now reinstated.

The retailer's next chairman will have to grapple with the fallout from the supplier scandal as well as helping Dave Lewis, the new chief executive, navigate what analysts say is the toughest environment for big food retailers for many years.

Last month, Mr Lewis outlined proposals to relocate Tesco's head office, close dozens of stores and terminate its defined benefit pension scheme in an effort to save costs.

He also plans to sell a stake in Dunnhumby, its customer loyalty arm, and has announced a long-term price-cutting initiative across hundreds of core grocery items.

Sky News revealed two weeks ago that Mr Lewis had begun a cull of head office staff which is expected to involve thousands of job cuts.

The debate over Tesco's decline was recently reignited when Sir Terry Leahy, the former chief executive, blamed his successor, Philip Clarke, for "a failure of leadership".

A series of profit warnings last year led to Mr Clarke being sacked, but analysts pointed out that some of Tesco's least successful initiatives in recent years, including its expansion into the US and China, had taken place during Sir Terry's tenure.

Earlier this month, Tesco said it would pay more than £2m in "liquidated damages" to Mr Clarke and Laurie McIlwee, its former finance director, after concluding that there was no legal basis for withholding the payments.

The process of recruiting a new chairman is being led by Patrick Cescau, Tesco's senior independent director, along with JCA Group, a City headhunter.

Tesco and Mr Norman declined to comment.


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Rival Firm Snaps Up Zolfo Cooper In £60m Deal

By By Mark Kleinman, City Editor

The consolidation of London's professional services industry will accelerate this week when a division of Zolfo Cooper, an adviser on corporate restructurings, is snapped up in a deal worth just under $100m (£65m).

Sky News has learnt that AlixPartners, a New York-based advisory firm, is close to agreeing a takeover of the UK and European arm of Zolfo Cooper, an independent player in a sector increasingly dominated by global heavyweights.

Insiders said that AlixPartners had scheduled a board meeting on Sunday to approve the deal, with an announcement about the transaction expected as early as Monday.

If completed, the takeover will bring together two of the most prolific City advisers on the restructuring of companies which have run into financial or operational difficulties.

Zolfo Cooper has in recent weeks been working on a deal to secure the future of Intertain, the leisure group behind the Walkabout chain of bars.

The company is owned by Better Capital, the investment vehicle set up by Jon Moulton, who was forced to place another of his companies, City Link, into administration on Christmas Eve.

Zolfo Cooper's European operations are operated using the firm's name under licence from the US firm of the same name.

The takeover of its London-based operations is expected to crystallize significant payouts for its partners, although they are likely to remain with the combined group.

Among the firm's other assignments are the restructuring of Stemcor, the steel trading company which is part-owned by Margaret Hodge, the Labour MP who chairs the Commons Public Accounts Committee.

Last year, Zolfo Cooper also worked on a deal which saw dozens of Strada restaurants change hands.

For AlixPartners, the acquisition will be an important step towards achieving a five-year target of becoming the "leading global advisory, consulting, and interim management firm specialising in restoring, protecting, and enhancing corporate performance and value".

Employing more than 1200 people, AlixPartners is itself majority-owned by CVC Capital Partners, the private equity group which is the largest shareholder in Formula One motor racing.

CVC took control of AlixPartners in June 2012, with the financial terms of the deal remaining undisclosed.

Private equity investors have shown increased interest in professional services groups, while the big four accountancy firms have also been diversifying their offering by swallowing specialist players in areas such as cyber-security, investor relations and restructuring.

AlixPartners and Zolfo Cooper both declined to comment on Sunday.


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HSBC Issues Apology Over Banking Standards

HSBC has taken out adverts in national newspapers offering "sincerest apologies" over past activities at its Swiss operations.

In the open letter to its customers, shareholders and colleagues, HSBC's group chief executive Stuart Gulliver described recent media coverage about practices at the Swiss Private Bank eight years ago as a "painful experience".

However, the Business Secretary has said he wants greater assurances about tax transparency.

Vince Cable told Sky's Murnaghan programme that what emerged is "striking and unacceptable" - and he has called on former HSBC boss Lord Green to answer specific allegations about the business.

The full-page HSBC advert states: "We would like to provide some reassurance and state some of the facts that lie behind the stories.

"The media focus has been on historical events that show the standards to which we operate today were not universally in place in our Swiss operations eight years ago.

"We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies."

The bank added that since 2008 it had established a "much tighter central control around who are our customers".

It said it had also implemented tougher standards around tax transparency.

Earlier this week Mr Gulliver sent a memo to the bank's staff saying the revelations were painful and frustrating.

The adverts come amid a political row over tax avoidance, with Labour leader Ed Miliband on Saturday vowing to carry out an inquiry into the UK's tax authority should his party win power in the next General Election.

Mr Miliband argued that people not paying their fair share of tax had left "a £34bn hole in the nation's finances".

Promising an "aggressive" review into Her Majesty's Revenue and Customs (HMRC) if his party wins in May, Mr Miliband pointed to suspicions of "sweetheart deals" with wealthy firms.

And the shadow chancellor, Ed Balls, has told Sky News a "crackdown" is needed because there had only been one prosecution out of more than a thousand cases of tax avoidance at HSBC's private Swiss arm.

"Was that because the Conservatives were back-peddling, brushing it under the carpet? Was it because the HSBC boss had now become a minister? Was it because their donors were involved in that HSBC activity? I think we need answers from David Cameron and George Osborne, and we need them soon," he added.

This week, Mr Miliband seized on allegations about tax avoidance by HSBC clients to brand Prime Minister David Cameron a "dodgy Prime Minister, surrounded by dodgy donors".

Speaking on Sky News, Mr Cable said: "I think the worst period we went through was 10 years ago, when all the leading banks were offering industrial-scale tax avoidance to British citizens to avoid British tax - and they were doing it out of London.

"There are still things happening that should definitely not be happening."

After a week of clashes between Mr Miliband and Mr Cameron, the former Tory chancellor Ken Clarke said there needs to be agreement on a "more sensible and defensible" system for funding political parties.

Mr Clarke told The Observer newspaper that the Conservatives should break their reliance on wealthy donors and embrace the need for more state funding of politics.


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Scepticism Overshadows Greece Bailout Talks

By Robert Nisbet, Europe Correspondent, in Athens

Pessimism is overshadowing attempts by Greece to renegotiate the terms of its massive bailout at a meeting of Eurozone finance ministers in Brussels.

Greece's stock exchange fell by more than 3%, amid investor fears that its international creditors, led by Germany, will fail to reach an agreement.

The new Greek government wants to raise the minimum wage, change its debt repayments and loosen economic targets.

The finance minister, Yanis Varoufakis, is seeking a bridging deal over the summer to help the country service more than €7bn (£5.2bn) of maturing debt.

But the so-called "troika" of international lenders - the European Union, the European Central Bank and the International Monetary Fund - has shown little willingness to compromise.

The German Finance Minister, Wolfgang Schäuble, told a German radio station he was "sceptical" of a deal and that the new administration in Athens must honour its commitments.

He then said: "I feel sorry for the Greeks at the moment. They've elected a government which is currently acting irresponsibly."

But at home Syriza has seen support for its negotiating stance increase since it won last month's general election.

A poll for Kappa Research, published on Sunday, suggests two-thirds of all voters agree with the hard-line position of its new leaders. 

On Sunday, about 20,000 people gathered in central Athens to support the newly-elected government's push for a better deal.

However, in the port of Piraeus, on the outskirts of the capital, dockworkers are more sceptical.

Union officials are guarding the gates against any attempt to sell off the port to the highest bidder, one of the strings attached to the €240bn bailout.

Before the election, Alexis Tsipras said he wanted to shelve troika plans for a series of privatisations of government-owned institutions.

But since becoming leader, he has indicated he is prepared to discuss the future of the port.

Unemployed boiler fitter Dimitri Kosmas told Sky News he was prepared to fight to stop the sell-off.

He said: "Let's not forget what happened with Thatcher and the miners' strike. Perhaps we can resort to something similar.

"Maybe we will block the roads, maybe we will clash with police.

"It could also mean that we hold a sit-in and hunger strike and we all die one by one. What's the government going to do then?" 

Lord Lamont, the former Conservative Chancellor, told Sky News he believes a large part of Greece's debt should be written off.

He said: "Well I think it would have been better if Greece had never joined the euro, but we're not starting from there.

"I think the next best thing would be if a large part of Greece's debts were just simply written off, rather than extending, cutting the interest rate, which is actually wiping off part of their debt but pretending you haven't done so."

Monday's Eurogroup meeting will be followed by a meeting of all the EU's finance ministers on Tuesday.

If a deal still hasn't been struck, further meetings may be held later this week.

The consequences of failure would take Greece and Europe into unknown territory - especially if the creditors decide to turn off the money tap.

Prime Minister Alexis Tsipras told media in Germany: "We don't need money, we need time to realise our reform plans."

He said he wanted to "save Greece from tragedy and prevent Europe from being divided".


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CBI Upgrades Economic Growth Forecast For 2015

The Confederation of British Industry has upgraded its economic growth forecast for 2015, after inflation fell to a record-equalling low in December.

According to the group, Britain's economy will expand by 2.7% this year - up from its previous prediction of 2.5%.

It said living standards were improving, with strong levels of job creation and wage growth beginning to gain momentum.

The CBI also believes the future looks rosier for businesses, as lower energy prices cut operating costs and free up more cash for investment.

However, it warned political uncertainty ahead of May's General Election - when coupled with Greece's economic turmoil and the Ukrainian conflict - could make it difficult for exporters to secure new orders.

And, as the price of oil has fallen by around 50% since last summer, North Sea oil companies have taken a hit - stymying jobs and investment in the industry.

Katja Hall, the CBI's deputy director-general, said: "UK growth continues to outshine its counterparts in Europe and progress is 'steady as she goes'.

"Now is not the time for complacency, but falling unemployment coupled with improving wage growth and rock-bottom inflation should mean that people see more money in their pockets."

Although the CBI's forecast is now in line with the International Monetary Fund, the Bank of England is predicting economic growth of 2.9% this year.


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Aldermore Cuts IPO Valuation As Profit Soars

By Mark Kleinman, City Editor

One of Britain's fastest-growing challenger banks will unveil a surge in profits on Tuesday even as it draws up plans to float on the stock market at a significant discount to a previous attempt last year.

Sky News has learnt that Aldermore is to announce that annual pre-tax profit in 2014 more than doubled to approximately £50m for the first time, up from £22.4m the year before.

Insiders said the figures would include a return on equity for the second half of the year of about 19% - higher than almost every one of its listed peers across Europe - underlining its attractiveness to prospective investors.

Aldermore, which provides banking services to consumers and small and medium-sized businesses (SMEs), is one of the most prominent new lenders to be established since the financial crisis.

A source close to the bank said that it could announce its intention to float on the London Stock Exchange by the end of the month, although the timing could yet slip.

It is understood to be planning to sell £75m of new shares, with backing already provisionally in place from a string of blue-chip institutions.

However, Aldermore is expected to price its shares at a substantial discount to a plan last autumn which would have seen the bank valued at £800m at the mid-point of its price range.

The listing was aborted because of choppy equity markets, leading directors to conclude that it should be "priced to go" this time around.

The proposed initial public offering (IPO) will seek a valuation for the bank of between £600m and about £650m, they added.

Tuesday's results announcement will not include any substantive comments about its IPO plans, the source said.

In 2013, Lansdowne Partners and Toscafund injected about £40m into Aldermore in a deal which valued the lender at more than £450m.

Both funds are expected to consider buying additional shares as part of the IPO, which is being led by Credit Suisse, Deutsche Bank and Royal Bank of Canada.

Aldermore is led by Philip Monks, a former Barclays executive, and is majority-owned by AnaCap Financial Partners, a private equity firm.

Under the existing ownership structure, AnaCap holds all of the voting shares in Aldermore, although investors who buy in through the flotation will also gain voting rights.

The bank, which is a user of the Government's Help to Buy housing scheme, said in December that it had lent £4.4bn to customers since it was set up, with customer deposits totalling £4.2bn.

Aldermore is not the only challenger bank eyeing a stock market listing.

Shawbrook Bank is also expected to announce a flotation within the next few weeks, while Metro Bank, which unlike its rivals has a high street branch network, has said that it is likely to target a listing in 2016.

Aldermore declined to comment.


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