Prospective sale of bank

  • mr lynton
  • 27/10/08 31/05/09
  • a depositor
  • Offline
Posted: Wed, 17/06/2009 - 09:09

One aspect of this sorry situation i can't get my head around is the inability to find a buyer for the bank as a going concern. The assets of the bank including cash at hand,loan book,CD's, shareholding sales,return from ksfuk(50% very conservative) means that the bank should really be an attractive proposition to a buyer.Indeed, if sold to another large bank with a presence on IOM many depositors would possibly be prepared to stick with such a bank.
Is the lack of action down to the bad smell eminating from IOM or the lack of activity of the liquidator ( in their own interests) or the IOM govt. Indeed, it would seem cheaper for the IOM Govt to buy the bank themselves- they might even come out of the situation making a profit. I have suggested this many times with little response.
In the uk, when a problem occurs with a bank/building society the govt either helps facilitate finding a buyer or takes over it themselves(aka northern rock etc) knowing they will most probably make a profit in the not too distant future.What is wrong with this pathetic IOM govt when they can't see the obvious solution staring them in the face?
Waiting until the 1st dividend could scupper this chance for what is probably the best solution for all.

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mr lynton

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
  • Offline
  • Wed, 17/06/2009 - 17:55

This is the wrong section for this type of posting!
Please use other areas of site for this type of comment!