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BANKS SET FOR LLOYDS FEES PAYOUT

Six investment banks stand to split up to £300m in fees if Lloyds Banking Group, led by chief executive Eric Daniels, goes ahead with its proposed £25bn cash call. Swiss bank UBS and BoA Merrill Lynch are set to act as lead underwriters while Citigroup, Goldman Sachs, JP Morgan Cazenove and HSBC will act as joint underwriters.