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British bank Lloyds sells Spanish retail activities

Agence France-PresseApril 29, 2013 06:00
Britain's state-rescued Lloyds bank said on Monday that it has sold its loss-making Spanish retail banking activities to Spain's Banco Sabadell in a deal worth up to 100 million euros ($131 million). LBG said in a statement that it would receive a 1.8-percent stake in Sabadell, worth about 84 million euros, plus an additional sum of up to 20 million euros over the next five years.

Marks & Spencer CEO faces crucial tests

April 26, 2013 08:30
By James Davey LONDON (Reuters) - Next month Marks & Spencer will come under intense scrutiny as it prepares to reveal new fashion ranges, a strategy update and annual results, events that could shape the future of the British retailer and its chief executive. Marc Bolland, CEO since May 2010, is under pressure to revive the firm's clothing business, which has been losing market share to firms like Primark and Debenhams.

Taylor Wimpey sales jump after government schemes

April 25, 2013 03:30
LONDON (Reuters) - British housebuilder Taylor Wimpey <TW.L> said its sales since the start of the year were at the upper end of the firm's expectations, driven by an surge in interest after the government unveiled schemes to help struggling housebuyers.

Lloyds bank reveals collapse of deal to sell branches

Agence France-PresseApril 24, 2013 13:31
Britain's part-nationalised Lloyds Banking Group on Wednesday said a deal agreed last year to sell 632 branches at a loss to The Co-operative Group had collapsed, adding that it would now float the so-called Project Verde division on the stock market.

LBG bank announces collapse of deal to sell branches

Agence France-PresseApril 24, 2013 05:31
Britain's state-rescued Lloyds Banking Group on Wednesday said a deal agreed last year to sell 632 branches at a loss to The Co-operative Group had collapsed, adding that it would now divest Project Verde via an initial public offering.

Lloyds bank branch sale to Co-op collapses

April 23, 2013 21:15
By Matt Scuffham and Clare Hutchison (Reuters) - The planned sale by state-backed Lloyds of hundreds of UK bank branches to the Co-op fell through on Wednesday, setting back government plans to boost competition in the industry. The Co-op said it pulled out of the deal, worth up to 750 million pounds, due to toughening regulations and the worsening outlook for UK economic growth.

Sainsbury shows strongest growth of UK's "big four" - Kantar

April 23, 2013 08:00
LONDON (Reuters) - J Sainsbury delivered the strongest growth among Britain's so-called Big Four grocers in the 12 weeks to April 14 and was the only one to increase market share, monthly industry data showed on Tuesday. Market researcher Kantar Worldpanel said sales at Sainsbury, Britain's third-largest grocer, grew 5.4 percent in the period, increasing its market share to 16.9 percent.

Ameriprise lines up 800 million bid for Lloyds funds arm -paper

April 21, 2013 12:45
LONDON (Reuters) - U.S. financial services company Ameriprise Financial <AMP.N> is lining up an 800 million pound bid for Lloyds Banking Group's <LLOY.L> Scottish Widows asset management arm, the Sunday Times reported. Last week Reuters reported that Lloyds had hired advisors for a possible sale of Scottish Widows Investment Partnership (SWIP), as it prepares for a likely regulatory demand to raise more capital.

MPs want review into RBS/Lloyds 'bad bank'

April 21, 2013 11:30
LONDON (Reuters) - The finance ministry should examine the advantages and disadvantages of breaking up state-backed lenders RBS and Lloyds and hiving off their toxic assets into a 'bad bank', senior MPs have demanded. The cross-party Treasury Select Committee, responsible for examining the finance ministry's policies, recommended it deliver a cost-benefit analysis in time for the government's spending review in June. The report should also look at the impact on competition, it said.

UK MPs say mortgage scheme may be costly or counterproductive

April 19, 2013 19:30
By David Milliken LONDON (Reuters) - A British government scheme to help home-buyers risks being costly, counterproductive and a danger to the Bank of England's political independence, a non-partisan committee of legislators said on Saturday. Chancellor George Osborne pledged to guarantee up to 130 billion pounds of higher-risk mortgages and offer 3.5 billion pounds of shared-equity loans to home-buyers in his annual budget statement last month.
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