Online Retailer Switches Banks Amid Financial Tensions
- Very Group replaces HSBC with NatWest for customer loan portfolio
- Switch after HSBC put Barclay family’s logistics company into administration last year
- NatWest to run securitisation of buy now, pay later offer
The Very Group has ended its decade-long partnership with HSBC and chosen NatWest to manage its £1.8bn customer loan portfolio, following HSBC’s administration of the Barclay family’s logistics company last year. The online retailer, which relies heavily on customer loans (90% of sales), will have NatWest handle its buy now, pay later offer. This move comes after HSBC put Logistics Group Limited into insolvency to seek payment for a £143.5m debt. Very Group had also been working with Barclays, JP Morgan, and Morgan Stanley on a potential business sale.
Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about The Very Group switching its loan portfolio management from HSBC to NatWest, with no clear signs of sensationalism, redundancy, or personal perspective presented as fact. However, it lacks a direct source for the information and could benefit from more context on the reasons behind the switch.
Noise Level: 6
Noise Justification: The article provides relevant information about The Very Group switching its loan portfolio management from HSBC to NatWest and mentions the reason behind the decision (HSBC putting the Barclay family’s logistics company into administration). However, it also includes a link to another topic in the last sentence which may lead readers away from the main subject. Additionally, the article could provide more context or evidence for the strategic review of the business.
Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses the change in banks handling customer loan portfolios for The Very Group, which is an online retailer with a £1.8bn portfolio and mentions HSBC putting the Barclay family’s logistics company into administration. This involves financial topics such as loans, securitization, and potential sale of the business, thus impacting both the company and financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.
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