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Lloyds finance director Tim Tookey set to resign

Tim Tookey, the finance director of Lloyds Banking Group, is resigning from Britain’s biggest high-street lender, after falling out with the bank’s new chief executive, António Horta-Osório. Friends Life, the UK life assurance company created by Clive Cowdery’s Resolution consolidation group, will announce on Monday that Mr Tookey is joining as chief financial officer. This according to FT.

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]

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.

Inclusion of Royal Bank of Scotland and Lloyds Banking Group in the Public Sector Finances

 

The Office for National Statistics and HM Treasury jointly publishes monthly estimates of the Public Sector Finances (PSF). The PSF release published on the 25 January 2011 included, for the first time, complete data for the Lloyds Banking Group (LBG) and the Royal Bank of Scotland (RBS).

The classification of RBS and LBG to the public sector has a significant impact on public sector finance statistics. This article summarises the sources that are being used to incorporate these two banking groups, and the other public sector banks, into the PSF dataset. Explanatory notes describe in more detail how the information has been put together and contain important qualifications of which users need to be aware when analysing and interpreting the results.

The Independent Commission on Banking (ICB) could call for a break-up of Lloyds Banking Group

Clare Spottiswoode, the former gas regulator, said a break-up of Lloyds could potentially be on the cards if the ICB decided to call for a “reversing” of Lloyds’ takeover of HBOS in late 2008.

Regulators are concerned that the retail banking market is controlled by too few players and Ms Spottiswoode took the opportunity to signal the ICB’s intentions as she chaired the body’s first public meeting at Leeds University Business School.

Peter Moizer, dean of Leeds Business School and a former member of the Competition Commission, made clear that he had been dismayed by the decision in late 2008 to waive competition concerns to allow Lloyds TSB to acquire HBOS.

The comments on Lloyds aside, the event failed to provide the controversy that some had predicted and Ms Spottiswoode said she was relieved that the first session of a five-city tour had gone so smoothly.

The audience – comprised of business men and women and students – offered the commission the first chance to hear what those outside the City believe needs to be done to reform the banking industry.

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.

State aid: Commission approves restructuring plan of Lloyds Banking Group

The European Commission on Wednesday cleared Lloyds Banking Group's restructuring plan, which it said will leave behind a much more streamlined bank.

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