m&a

Pre-tax profits up 15% to £46.1m

Economies of scale

Creating UK's fifth-largest bank

The increase of M&A activity in the UK year to date is dramatic with take-outs announced across the market by size in a variety of sectors.

Global equities have delivered ample volatility, but very little return for investors so far this year.

Worldwide M&A breaks $2trn barrier

Investor and corporate confidence remains intact

Share buyback representing 15% of market cap

'Wobbling risk appetite'

"Forget the economic conditions and politics. Focus on who is running the companies that you have in your portfolio and what they can do over the next five years."