Connect to share and comment

UK banks avoid investigation by competition authority

May 16, 2013 02:02
By Matt Scuffham LONDON (Reuters) - Britain's biggest banks were spared a full-blown inquiry into the personal current account market after the consumer watchdog said changes already being implemented could stimulate competition in the industry.

Llyods Chairman Bischoff to step down: FT

May 14, 2013 21:00
(Reuters) - Win Bischoff is stepping down as chairman of British state-backed Lloyds Banking Group <LLOY.L>, the Financial Times reported on Sunday, citing sources familiar with the plan, set to be announced ahead of Thursday's annual shareholder meeting. With a strong executive team in place, Bischoff, who has overseen major restructuring and a return to profitability at Lloyds, is said to feel he has accomplished the task of stabilizing Lloyds, having brought in a strong executive team, the FT said.

Moody's downgrades U.K.'s Co-operative bank amid concerns about credit quality

The Canadian PressMay 10, 2013 08:30
LONDON - The Co-operative Bank on Friday sought to reassure its customers that it didn't need a government bailout after Moody's Investors Service downgraded the U.K. lender's debt ratings to "junk" status. Concerns about the bank's credit status had been rising since it pulled out of a deal to buy some 630 branches from another U.K. lender, Lloyds Bank.

UK's Lloyds to cut 850 jobs in plan to reduce costs

May 9, 2013 19:46
LONDON (Reuters) - State-backed Lloyds Banking Group <LLOY.L> said on Thursday it would cut 850 jobs in commercial banking, retail, and other operations as part of plans to reduce costs. Lloyds, 39 percent owned by the British taxpayer, said the cutbacks were part of a strategic plan announced in 2011 to let 15,000 staff go and save 1.5 billion pounds a year ($2.3 billion). ($1 = 0.6425 British pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)

UK has no imminent plans for bank share sales: sources

May 7, 2013 13:24
LONDON (Reuters) - Britain has no imminent plans to start selling shares in state-backed lenders Royal Bank of Scotland <RBS.L> and Lloyds Banking Group <LLOY.L> but a sale of shares next year is realistic, sources with knowledge of government plans said. A decision will depend ultimately on the share performance of the two banks in the intervening period and whether the government is prepared to sell at a loss, the sources said.

Sainsbury's in talks with Lloyds over Sainsbury's Bank control

May 7, 2013 12:58
LONDON (Reuters) - J Sainsbury <SBRY.L>, Britain's third largest supermarket group, said on Tuesday it was in advanced negotiations with Lloyds Banking Group <LLOY.L> to take full ownership of the Sainsbury's Bank joint venture. Sainsbury's statement was prompted by media speculation over the weekend. (Reporting by James Davey, Editing by Paul Sandle)

Lloyds posts 1.5 billion net profit in 1Q; Cost for sales of branches rise by 300 million

The Canadian PressApril 30, 2013 05:00
LONDON - Part-nationalized Lloyds Banking Banking Group is reporting a massive turnaround in its fortunes, with a 1.5 billion ($2.3 billion) in net profit compared to a loss of 5 million during the same three-month period last year. But the challenges remain for the bank, which is 40 per cent owned by the taxpayer. It said Tuesday the cost for the sale of some of its branches would rise by another 300 million. Costs were already at 1 billion.

Lloyds bank says rebounds into £1.5-bln Q1 profit

Agence France-PresseApril 30, 2013 03:40
Britain's state-rescued Lloyds bank said Tuesday that it rebounded into first-quarter net profits on the back of rising income, deep cost-cutting and falling impairment charges. Earnings after taxation hit £1.53 billion ($2.37 billion, 1.81 billion euros) in the three months to the end of March, Lloyds said in a results statement. That contrasted with a net loss of £5.0 million in the same part of 2012. rfj/arp

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.

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.
Syndicate content