Bank brands to disappear
A CARVE-UP of British high street banks will leave the future of a catalogue of household names in the balance.
RBS must sell Direct Line and Churchill as well as 318 other branches as new EU orders kick-in.
Meanwhile at Lloyds the TSB and Cheltenham and Gloucester are also in line for the cull, changing the UK’s financial landscape.
Northern Rock will also be changed beyond recognition with its split into “good” and “bad” banks.
Manqj Ladwa, senior trader at ETX Capital said of the break-ups: “If all goes to plan then it should restore confidence in the UK banking sector, circumnavigate competition issues and give the UK Treasury value for money.”
“But what if it doesn’t go to plan? What if we have a double dip recession? These are the questions the markets will be asking.”