Lloyds and R.B.S. Announce Major Shuffle

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Lloyds and R.B.S. Announce Major Shuffle

Submitted by editor on Tue, 11/03/2009 - 10:26

In a major shuffle of the British banking sector on Tuesday, Lloyds Banking Group announced plans to keep the government from taking a majority stake, while Royal Bank of Scotland would give up even more control, The New York Times reported. Both banks were forced by the European Union to sell large parts of their businesses to comply with competition regulation. R.B.S. agreed to sell its insurance business and some bank branches in England, Wales and Scotland to meet European competition rules on accepting state aid. The bank, which is already majority-owned by the British government, would also take an additional investment of £25.5 billion, or $41.6 billion, from the Treasury and accept help in containing potential losses from toxic assets. As a result, the government would increase its stake in the bank to 84.4 percent from 70 percent. In contrast, Lloyds announced plans to tap investors for £21 billion in what would be Britain’s biggest rights offer to avoid handing over a majority stake to the government. The planned sale of shares and exchange offers would allow the bank to fulfill capital requirements without participating in the asset protection scheme and hand over a greater share to the government as a result. The government already owns a 43 percent stake in Lloyds. Read more.

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Lloyds and R.B.S. Announce Major Shuffle

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