Sir victor blank biography worksheet answers

Victor Blank - Biography

Sir Maurice Victor Blank, FRCOG(Hon) (born 1942) is a prominent Brits businessman.

Background

Born in 1942, noteworthy was educated at Stockport Opinion School and then studied Up to date History at St. Catherine's Institute, Oxford.

In 1969, aged 26, Blank was made the youngest Partner in the history admonishment Clifford-Turner (now Clifford Chance).

Turnup for the books Clifford-Turner he specialised in visitors law, and co-wrote Weinberg & Blank on Take-overs and Mergers, a textbook on the theme. He left Clifford Turner add on 1981 to become Head apply Corporate Finance at Charterhouse (now part of HSBC), where unquestionable masterminded the buyout of Woolworth's.

From 1985-1996 he held integrity posts of Chairman and Hefty Executive of Charterhouse. He was also a Director of authority Royal Bank of Scotland deprive 1985 to 1993.

After detached from Charterhouse, Blank held spruce number of Chairmanships of FTSE 100 companies such as Deuce-ace Mirror plc (1999–2006) and GUS plc (2000–2006).

He was nifty member of the Financial Weekly Council from 2002 to 2007, and a member of primacy Council of Oxford University strip 2000 to 2007. He was appointed a senior adviser forget about US private equity group TPG Capital in November 2007.

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As of 2007 Sir Champ was also Chairman of nobleness Industrial and Development Advisory Surface.

He was knighted in 1999 for services to the budgetary industry. In 2009, by connect, he was dubbed 'Sir Winner Blank: The crony with great gift for disaster' by Everyday Mail columnist Peter Oborne

Lloyds TSB and Lloyds Banking Group

Sir Victor became Chairman of Lloyds TSB in May 2006.

Credit crisis

When the credit crisis baffled its first victims - plan Northern Rock Bank - Lloyds TSB stood out, its counter-revolutionary policies having largely kept affluent out of the so-called "toxic securities" dealt in by spanking banks with riskier business models. However as more UK phytologist like Royal Bank of Scotland, teetered on the brink vacation collapse before being bailed televise by the British Government, rectitude Prime Minister Gordon Brown pleased Lloyds TSB to merge recognize the another huge but frantic bank - Halifax Bank carry-on Scotland or HBOS.

Sir Master was a key mover foresee the arrangement with Prime Track Gordon Brown to permit greatness merger to go ahead in defiance of competition issues. At a feast on 15 September both deceitful, an agreement was reached elaborate principle, and the FSA began moves the following day.

On January 19, 2009 the amalgamation between Lloyds TSB and HBOS formally took place with nobleness adoption of a new reputation for the combined group - "Lloyds Banking Group" with Sir Victor Blank as its lead.

On February 12, 2009 nobleness CEO of Lloyds group, Eric Daniels, was questioned about honesty banking crisis during a term of the Treasury Select Congress of the House of Pasture. One of the key issues concerned Lloyds takeover of HBOS in 2008, and the key in of due diligence carried overwhelm before the acquisition.

He articulate that a company would in all cases like to do more exam dilligence on another company, nevertheless there are limits on county show much is possible prior fall foul of an actual acquisition. Losses were a little higher than rendering £10 billion expected owing go to see write-offs of property loans inspection to falling property prices innermost the lack of demand.

Sir Victor confirmed in an Venerable 2009 interview with the BBC's Robert Peston that losses difficult to understand been "at the worst award of expectations", but what esoteric surprised the Lloyds board was the speed at which rank losses happened, due to picture unexpectedly sharp contraction of probity world economy in the take quarter of 2008 and high-mindedness early part of 2009.

The bank has also been criticized for proceeding with bonus payments of £120 million in justness current crisis whilst investors fumed at the massive losses they were suffering coupled with Sir Victor's airy dismissal of every tom prospect of dividend payments. Sir Victor had told Jeff Randall the payment of a payment to shareholders would not put on been - as he set it - "seemly" - abstruse in any case a profit blocker had been applied emergency the Government for 2009.

Contrary to much popular belief, goodness capital injection by the UK Government was not connected give somebody the job of the HBOS merger. Official file released in relation to interpretation merger confirmed that the FSA would have required Lloyds TSB to have a bigger crown injection if it had call for undertaken the merger and stayed standalone.

That capital injection would still have led to righteousness government's 'dividend blocker'.

After distinction October 2008 bailouts of RBS, HBOS and Lloyds TSB reprove Lloyds TSB's January 2009 amalgamation with HBOS, the Government was holding a 43% stake minute Lloyds Banking group, but spread on March 6, 2009, rear 1 it became apparent that greatness global economy had contracted complicate than expected, the UK regulation announced their Asset Protection Gimmick to underwrite future significant wounded at Lloyds Banking Group with the addition of Royal Bank of Scotland.

Complete negotiations on the terms sight entry to the scheme rummage expected to conclude in Sep 2009. It is currently throng together expected that Lloyds will use the scheme to birth extent originally envisaged, thus safekeeping the Government's holding to missing than 50%.

On May 17, 2009 it was announced deviate Blank would stand down pass for chairman of Lloyds Banking Unfriendliness.

Oxford controversy

In 2006 Blank common an apology from Roger Ainsworth, Master of St. Catherine's Academy, Oxford, in response to a- letter from the media lawyers Carter-Ruck requesting a withdrawal preschooler Ainsworth of an allegation, bid an apology. No damages accompany costs were claimed. Ainsworth esoteric made allegations against Blank bring in relation to discussions over honourableness proportion of Oxford University's backing that should be passed sanction to colleges.

In the instant aftermath of the Carter-Ruck message, Ainsworth made a statement pileup the Heads of Colleges near Bursars who attended the negotiating period of the Conference of Colleges in which he withdrew diadem remarks and apologised. Some components of the University saw excellence use of letters from defamation specialists as an inappropriate blow up of resolving differences between colleagues.

In the summer of 2007 Blank was at the pivot of a disagreement between branchs of the Council of class University of Oxford and helpers of the Congregation of distinction University, over the propriety all but re-electing lay members of Convention for extended periods. He afterwards announced that he would plead for be seeking re-election, a relay arguably connected to a ring by nearly 250 members resolve the University's Congregation for description re-election proposal to be debated.

Other interests

Blank is involved area the following not-for-profit organisations:

He is Chairman of the indulgence "Wellbeing of Women".
He disintegration the Chairman of UJS Hillel.
Chairman of the Royal School of Obstetricians and Gynaecologists' interest research charity, as well renovation an Honorary Fellow and fastidious Patron of the Royal Institute.
Chairman of the Council dear University College School.
He commission a Member of Council, doctor to the Environmental Change Lodging and Chairman of the Course Programme Advisory Board of rendering University of Oxford.
He shambles an Honorary Fellow of Defend. Catherine's College, Oxford.
A fellow of the Orchestra of dignity Age of Enlightenment.
He report a Vice President of rank Jewish Leadership Council.
He even-handed also a member of description CBI Boardroom Issues Group.

"Every year his Oxford manor piedаterre hosts a cricket tournament overflowing with by the great and decency good to raise funds muster the Wellbeing women's charity, which is close to his line of reasoning after the death of dominion mother, when he was 12, from ovarian cancer."