A new five year contract has been agreed between the Alliance and Leicester and Payzone, a 17,000 site network where consumers can pay water bills.
Estimated figures for the year are that around 6 million transactions will be processed by the Alliance and Leicester on behalf of Payzone, consumers using either a booklet or credit card style payment card. The relationship between the two companies began in 2007 so this five year deal shows the belief they have in each other now.
The commercial side of Alliance and Leicester works with around 1,500 businesses to collect payments from consumers, with most utility companies signed up as well as 8 out of 10 local authorities.
Although the general feeling may be that UK banks are currently taking a beating an investment expert has suggested Lloyds TSB makes a great investment opportunity right now.
The analyst felt that in the midst of what have been torrid trading conditions Lloyds TSB had announced very encouraging results. The bank has taken a cautious stance on mortgages, buy to let ones especially, and also any securities that are underwritten by assets.
This approach has kept Lloyds TSB away from the worst of the difficulties facing some other banks and left them looking strong as they move forwards. The bank appears to be a relatively safe haven with the cautious management approach but also offers the opportunity for substantial growth as Lloyds TSB uses its relative strength to maximise market opportunities.
Long standing Citigroup executive is leaving the organization, of which Citibank is a major part, after 23 years with the organization. The move is seen to be part of the business transformation being led by new CEO Vikram Pandit.
Citibank and parent Citigroup have been well looked after by Mr Klein, who was a key part of the management team, using his influence to secure multi-billion dollar investments from overseas. These investments were instrumental in keeping the company in the game as they suffered at the hands of the US credit crisis.
The move is amicable it is understood, with many people expecting it since Mr Klein was moved away from running the day to day operations of Citibank. It is expected that, like others recently, Mr Klein will probably head up a different financial organization, especially with the contacts and experience the 44 year old can bring.
