RBS to Sell Private Banking Unit to Union Bancaire, European Markets Ease

Nigel Thomas
27 Mar, 2015
New York City

Antofagasta fell after suspended operations at three Chilean mines due to heavy rains. BHF Kleinwort Benson net swung to profit of

[R]4:00 PM Frankfurt – Antofagasta fell after suspended operations at three Chilean mines due to heavy rains. BHF Kleinwort Benson net swung to profit of €71.6 million. Carnival net swung to profit of $49 million. RBS agreed to sell its private banking and wealth management business to Union Bancaire Privee.[/R]

In London trading, FTSE 100 index slipped 0.7% or 45.34 to 6,849.99 and in Frankfurt the DAX index rose 0.2% or 22.07 to 11,865.75.

In Paris, CAC 40 index gained 0.4% or 18.03 to 5,024.38.

For the week, FTSE 100 index declined 2.4% and in Frankfurt the DAX index slumped 1.5%.

In Paris, CAC 40 index slipped 1.1%.

Antofagasta Plc dropped 2.4% to 708 pence after the U.K.-based Chile-based copper producer announced to suspended operations at three Chilean mines due to heavy rains in the Atacama Desert in the north of Chile.

BHF Kleinwort Benson Group fell 0.9% to €4.46 after the Belgium-based financial services provider said revenues in the year ending in December surged 118.5% to €209.8 billion from €96 billion in a year ago period.

Net in the year swung to profit from a year ago to €71.6 million compared to a loss of €66.4 million and diluted earnings per share jumped to €0.67 from €0.17.

The company said assets under management climbed 9.4% to €54.2 billion and operating income increased by €4.7 million or 1.4% to €334.6 million from a year ago period.

Carnival Plc climbed 5.6% to 3,192 pence after the U.K.-based cruise operator reported revenues in the first-quarter ending in February slipped 1.4% to $3.53 billion from $3.59 billion in a year ago period.

Net in the quarter swung to profit from a year ago to $49 million compared to a loss of $20 million and diluted earnings per share swung to 6 cents from a diluted loss per share of 3 cents.

Royal Bank of Scotland Group Plc slipped 1.5% to 345.20 pence after the U.K.-based financial services provider agreed to sell its internationally managed Private Banking and Wealth Management business to Switzerland-based Union Bancaire Privee UBP SA for Sfr350 million to about Sfr400 million francs.

Separately, the bank’s subsidiary National Westminster Bank Plc today reported net interest income in the year ending in December climbed 13.9% to £4.58 billion from £4.02 billion in a year ago period.

Net in the year swung to profit from a year ago to £1.73 billion compared to a loss of £5.96 billion.