4 Financial Stock Stories Gaining Tuesday Traction
Royal Bank of Scotland Group (NYSE:RBS): Current price $10.47
RBS is reportedly in discussions to sell off its structured retail investor products and equity derivatives operations to BNP Paribas SA, and the bank will likely announce the sale this week. The divestiture forms part of Royal Bank of Scotland’s strategy reported last June to shrink its equity sales and trading operations. However, the attenuation of these operations will cause 2,000 job eliminations by the end next year. In order to comply with the orders of regulators, the firm has already sold its interests in Global Merchant Services and RBS Sempra Commodities.
Main Street Capital Corp. (NYSE: MAIN): Current price $30.94
Main Street Capital said on Tuesday that it recently closed a new portfolio investment amounting to $13 million of invested capital in Tin Roof Acquisition Co. LLC. The firm’s investment in Tin Roof includes a combination of first lien, senior secured term debt, and a direct equity investment. Proceeds were utilized by Tin Roof to refinance current debt and to provide growth capital to support new business expansion. Tin Roof is a growing casual live entertainment and restaurant concept that has 11 locations throughout the Southeast and Midwest; it currently serves some 25,000 patrons weekly.
Blackstone Group LP (NYSE:BX): Current price $26.75
Greater China Blackstone Chairman Antony Leung is stepping down from his position to become Nan Fung Group Holdings Ltd.’s chief executive officer following seven years at the asset management company. Leung will assume charge of the Hong Kong property developer in February, according to a joint statement on Tuesday by the parties, which also said that he will become a senior adviser to Blackstone and a member of its International Advisory Board.
MetLife Inc. (NYSE:MET): Current price $52.21
MetLife reports that it has been chosen as a plan provider for the Department of Veterans Affairs’s Dental Insurance Program. Enrollment for the program began on November 15, and coverage starts January 1. The program is a new, three-year national pilot sponsored by the department and provides more than 8.6 million eligible veterans the opportunity to buy voluntary dental insurance for themselves and their family members.