Scottish media group SMG said it is satisfied that its adviser Schroder Salomon Smith Barney (SSSB) is not creating a conflict of interest, even though the bank is advising another company on the sale of an SMG stake.

Telewest, the UK cable company that is currently undergoing a restructuring, owns a 16.9% stake in SMG. The cable company is seeking approval from its shareholders to sell the stake. Shareholders will vote on the issue at an extraordinary general meeting on September 4.

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The lender forecast total income excluding notable items to exceed $21.61 billion as loan growth and structural hedges continue to mitigate the impact of interest-rate cuts.

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The Davos founder rejected preliminary findings of misconduct, including improper travel expenses and gifts.

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