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The LBG divestiture (‘Project Verde’) - Independent Commission on Banking

As one of the conditions of its receipt of public money during the financial crisis, LBG committed to divest a retail banking business by 30 November 2013. [1]

Scotland in the Crisis: Banking and the Future

 

 

 

scotland map2 Blog Post Essays about the Economics of Scotland, right now; 1) banking (microeconomics) 2) post independence, the euro? (macroeconomics)

 

  1. ..... what I really meant to say about Clydesdale and NBNK; its the macroeconomics stupid

  2. Models of Small Open Economies; Lessons from Ireland for Scotland in the Euro.

Virgin again targeting Lloyds branches

Virgin Money is being tipped as a possible bidder for the 632 branches put up for sale by Lloyds Banking Group after receiving financial backing from a new group of investors, according to reports.

NBNK to buy Clydesdale and Yorkshire banks in order to properly bid for Lloyds branches

Shares in NBNK, an investment vehicle bidding for a portfolio of Lloyds Banking Group’s branches, were suspended on Tuesday after the venture confirmed it was in talks to buy the UK assets of National Australia Bank. This according to Financial Times.

Gary Hoffman's NBNK rules out Northern Rock bid

A FAVOURITE to buy Northern Rock, led by its former chief executive, effectively ruled itself out of a bid for the lender last night.

As widely expected Chancellor George Osborne used his annual Mansion House speech last night to announce the Government intends to sell the nationalised bank back to the private sector.

He said: "The independent advice I have received is that a sale process is likely to generate substantially the best value for the taxpayer and should be explored as a first option."

Battle for the 600 Lloyds Branches

The main Battle of the Branches has begun

Lloyds Banking GroupIt started in 2008 when the UK Government, the European Commission and Lloyds Banking Group (LBG) agreed to a divestiture as one of the remedies to the distortion of competition caused by government support to LBG during the financial crisis. LBG committed to divest the TSB brand with a retail banking business of at least 600 branches located in England and Wales, and at least 4.6% of the UK personal current account (PCA) market and 19.2% of LBG’s retail mortgage assets. The group also made commitments on the average quality and profitability of the divestiture and its branches. It must demonstrate that it has approached potential buyers by 30 November 2011. The sale must be completed no later than 30 November 2013. The buyer of the divestiture may not have more than 14% of the PCA market in the UK after the purchase. Add the Independent Commission on Banking (ICB) set up by the Treasury wants Lloyds to be ordered to sell "assets and liabilities" in addition to those that the European Commission is already obliging Lloyds to sell, to reduce its substantial market share in personal banking. If implemented, this would force Lloyds to sell more branches on top of the 600 it is already auctioning. The chief executive of Lloyds, Antonio Horta-Orsorio - with the full backing of Lloyds' board - is implacably opposed to selling "even one extra branch" on top of the 600 branches Lloyds is already being forced to sell. Lloyds Banking Group announced last week the executive management team that will lead the divestment programme of retail and commercial assets (“Project Verde”). A valuation of £3bn is expected according to media.

Clydesdale Bank and Yorkshire Bank could be merged with assets of Royal Bank of Scotland and Lloyds Banking Group

 

asymptotix GLW 2

 

Branches of Clydesdale Bank and Yorkshire Bank could be merged with assets of Royal Bank of Scotland and Lloyds Banking Group in an attempt to create a new retail banking competitor in Britain.

National Australia Bank (NAB), which owns Clydesdale and Yorkshire, said that it had been approached by industry players over potential consolidation involving both of the banks.

“We have been approached by a number of players in the UK market to see how we could work with them to participate in that consolidation,” said Cameron Clyne, chief executive of National Australia Bank, at the bank’s annual meeting.

“We are going to explore and assess what value these approaches offer for NAB shareholders,” he added. “We’re watching closely. We aren’t sure what assets will be divested.”

The move would support the European Commission’s objective of creating a new competitor in British banking. Neelie Kroes, the competition commissioner, is forcing RBS and Lloyds to sell parts of their businesses as punishment for receiving state aid.

Three new high-street banks to be created in the UK

Consumers are to be offered the services of three new high-street banks over the next few years under Government attempts to increase competition by breaking up the taxpayer-backed banks.

Alistair Darling, the chancellor, will this week outline plans to break up Lloyds Banking Group and RBS and sell-off the remaining “good” parts of Northern Rock.

Three new banks, each containing millions of customers and hundreds of branches will be offered to the highest bidder.

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