oi oi Posted November 18, 2011 Share Posted November 18, 2011 they were down 14.29% earlier in the day but recovered slightly. putting that in perspective the seemingly much weaker ?iauli? bankas lost 4.98% against a market composite of -2.53%. Bankas Snoras which is the other "big" independent in Lithuania along with Ukio was nationalised yesterday and put into temporary administration. the reason was that the state financial regulator found a ?250 million black hole in their books of non-existent or highly overvalued foreign assets. http://blogs.ft.com/beyond-brics/2011/11/17/cee-banks-a-small-quake-in-lithuania/#axzz1e10eg0sm how does this impact on Ukio and, in turn, Hearts? informed opinion in Vilnius suggests that every bank in the country is about to have all kinds of hell rained down on them by the regulator and as all the other main banks are subsidiaries of stable Scandinavian banks then Ukio looks mighty exposed as the only independent left at the top of the market. Ukio, an independent with a diverse and oft-questioned but rarely scrutinised portfolio of foreign assets - a similar problem to what brought down Snoras? so Vlad looks a tad exposed tonight in his heartland. i guess there's positive and negative speculation for what this means for Hearts. positive - they may need ready cash immediately which means they may sell assets (club and ground) for less than market value meaning a takeover is more achieveable at a cheaper rate. negative - they sell all assets (club, ground and players) to bring in as much cash as possible which is the doomsday scenario for the current incarnation of Hearts. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted November 18, 2011 Share Posted November 18, 2011 We don't owe Ukio any money at present. Whether UBIG are affected is a different question. Link to comment Share on other sites More sharing options...
Daydream Believer Posted November 18, 2011 Share Posted November 18, 2011 The first comment on there seems to implicate Ernst & Young. It's hardly Enron but you do have to ask what the auditors are up to when these things keep popping up. Link to comment Share on other sites More sharing options...
Moriarty Posted November 18, 2011 Share Posted November 18, 2011 Ukio shares down 14% upon hearing the news of Mr Romanov planning to sell one of the most appealing assets in the portfolio Link to comment Share on other sites More sharing options...
CBjambo Posted November 18, 2011 Share Posted November 18, 2011 Is he going to sell his property in St Andrews Square then? Link to comment Share on other sites More sharing options...
vegas-voss Posted November 18, 2011 Share Posted November 18, 2011 Is he going to sell his property in St Andrews Square then? Sold that a long time ago did he not Link to comment Share on other sites More sharing options...
The Mighty Thor Posted November 18, 2011 Share Posted November 18, 2011 Is he going to sell his property in St Andrews Square then? What? his incredibly successful foray into UK retail banking? what will all his customers do? :jbsmug: Link to comment Share on other sites More sharing options...
Martin_T Posted November 18, 2011 Share Posted November 18, 2011 Sold that a long time ago did he not I may be wrong, but as far as I am aware it is still in UBIG's portfolio. http://www.edinburgharchitecture.co.uk/42_st_andrew_square.htm Link to comment Share on other sites More sharing options...
Wolfstar Posted November 18, 2011 Share Posted November 18, 2011 Sold that a long time ago did he not I never thought so (but could as usual be wrong) Was it not bought for ?20m and was to be turned into a hotel but then the recession hit so now it lies empty Link to comment Share on other sites More sharing options...
Matthew Le Tissier Posted November 18, 2011 Share Posted November 18, 2011 That bank that went into admiinistration was Part of Vladamir Antovs group who own Portsmouth. Looks like they could be in shit AGAIN :-) Link to comment Share on other sites More sharing options...
Yoda Posted November 18, 2011 Share Posted November 18, 2011 I predict that this will be the backpage headline on tomorrows Daily Ranger. Link to comment Share on other sites More sharing options...
Neilson's Shank Posted November 18, 2011 Share Posted November 18, 2011 Big News Bank Shares drop during world financial crisis, nothing to see here, move along please. Will Hibs shares drop at the end of Movember with Petrie in charge Link to comment Share on other sites More sharing options...
the general Posted November 18, 2011 Share Posted November 18, 2011 Sold that a long time ago did he not people dont have post a lot of ill informed rubbish on here Link to comment Share on other sites More sharing options...
the general Posted November 18, 2011 Share Posted November 18, 2011 What? his incredibly successful foray into UK retail banking? what will all his customers do? :jbsmug: tut tut,those premises were never ever going to be a bank Link to comment Share on other sites More sharing options...
robster Posted November 18, 2011 Share Posted November 18, 2011 I never thought so (but could as usual be wrong) Was it not bought for ?20m and was to be turned into a hotel but then the recession hit so now it lies empty Pretty sure he still own's the building. He was about to open a branch of his bank(UB)but then the banking crisis hit and everything was shelved. The building lies empty as far as I am aware. Someone out there may have more knowledge I am only repeating what I have read in the past. Link to comment Share on other sites More sharing options...
Someday Posted November 18, 2011 Share Posted November 18, 2011 Pretty sure he still own's the building. He was about to open a branch of his bank(UB)but then the banking crisis hit and everything was shelved. The building lies empty as far as I am aware. Someone out there may have more knowledge I am only repeating what I have read in the past. When you walk past you can see a water cooler sitting in one of the offices, so not quite empty. There is still UKIO Bankas plaque outside and UKIO Bankas blinds in the windows. Link to comment Share on other sites More sharing options...
SUTOL Posted November 18, 2011 Share Posted November 18, 2011 Shares currently up 2% Link to comment Share on other sites More sharing options...
The Mighty Thor Posted November 18, 2011 Share Posted November 18, 2011 tut tut,those premises were never ever going to be a bank I'm genuinely surprised at that news. Link to comment Share on other sites More sharing options...
SUTOL Posted November 18, 2011 Share Posted November 18, 2011 Pretty sure he still own's the building. He was about to open a branch of his bank(UB)but then the banking crisis hit and everything was shelved. The building lies empty as far as I am aware. Someone out there may have more knowledge I am only repeating what I have read in the past. Are you talking about the building near St Andrews Square? Which was earmarked for a hotel. Or the one on Castle Street? Which was earmarked as a possible branch for Ukio Bankas. Link to comment Share on other sites More sharing options...
Jambosr1985 Posted November 18, 2011 Share Posted November 18, 2011 Lloyds shares are not exactly booming, ownership still the same in all properties as far as i am aware. Link to comment Share on other sites More sharing options...
Coco Posted November 18, 2011 Share Posted November 18, 2011 Are you talking about the building near St Andrews Square? Which was earmarked for a hotel. Or the one on Castle Street? Which was earmarked as a possible branch for Ukio Bankas. The St Andrew Square deal is going to be nearly as bad an investment as Hearts. Bought at the very apex of the biggest property bubble in UK history and with 4 years of costs/rates/finance so far and zero income! Link to comment Share on other sites More sharing options...
hmfc1440 Posted November 18, 2011 Share Posted November 18, 2011 That bank that went into admiinistration was Part of Vladamir Antovs group who own Portsmouth. Looks like they could be in shit AGAIN :-) Word on the street is they are discreetly seeking buyer. Link to comment Share on other sites More sharing options...
Paolo Posted November 18, 2011 Share Posted November 18, 2011 What? his incredibly successful foray into UK retail banking? what will all his customers do? :jbsmug: Wrong building. Link to comment Share on other sites More sharing options...
the general Posted November 18, 2011 Share Posted November 18, 2011 The St Andrew Square deal is going to be nearly as bad an investment as Hearts. Bought at the very apex of the biggest property bubble in UK history and with 4 years of costs/rates/finance so far and zero income! they have recently been doing some prep work on the building,not sure if its for them to start developing or to sell Link to comment Share on other sites More sharing options...
SUTOL Posted November 18, 2011 Share Posted November 18, 2011 Shares currently up 2% Now up 4.5% for the day. Link to comment Share on other sites More sharing options...
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