Lloyds fined £226m by UK and US regulators for Libor manipulation July 28, 2014 Lloyds has become the latest bank to be fined for manipulating the London Interbank Offered Rate (Libor). The benchmark interest rate determines the cost of a range of credit products which have a combined value of at least $350tn, but a number of banks have been charged with unlawfully tampering with it in order [...]
UK banks RBS and Lloyds could be broken up in competition probe July 17, 2014 A major new competition probe could result in the further break-up of leading high street banks, analysts warned yesterday, with RBS and Lloyds most vulnerable to the demands of regulators. The Competition and Markets Authority (CMA) today unveils the results of its study of the small business banking market and the current accounts sector. [...]
MPs slam Wonga-style debt collection letters used by Lloyds July 16, 2014 Lloyds sent borrowers letters from its own law firm under a different name for decades, the bank admitted yesterday. MPs attacked the practice as “calculated to mislead” customers, less than a month after it emerged that payday lender Wonga had made up names of law firms to chase up debt repayments. The bank set up [...]
Lloyds Bank closes in on a Libor settlement with UK authorities July 16, 2014 Lloyds is braced to become the next bank to settle with regulators in the Libor abuse scandal, it emerged yesterday. The high street bank has been cooperating with investigations into alleged attempts by traders to fiddle the interest rate benchmark. Barclays was the first to be fined, paying £290m two years ago. RBS followed with [...]
Lloyds private equity arm sells Metronet to Isis in £45m buyout June 30, 2014 The private equity arm of Lloyds Banking Group has sold its stake in Manchester-based tech group Metronet (UK) to Isis Equity Partners for £45m. Lloyds Development Capital, which ploughed £11m into Metronet in 2012, had made a four times return on its equity investment after selling the stake, it said. Metronet [...]
TSB IPO: Lloyds raises the stakes on bank spinoff June 20, 2014 Lloyds is selling a bigger chunk of TSB than had been expected as the part-nationalised lender takes a bullish approach to spinning off the new challenger bank this morning. The bank is selling 35 per cent of TSB, more than originally expected thanks to a surge in demand. And with shares priced at 260p, firmly [...]
Lloyds prices TSB IPO below book value June 9, 2014 Lloyds Banking Group has announced that it’s pricing shares for TSB at between 220p to 290p. That’ll see the bank valued at £1.275bn, at the mid-point, when it floats on the stock market at the end of this month. The initial public offering will see 125m ordinary shares sold – 25 per cent of TSB’s [...]
Shell finance chief Simon Henry appointed to Lloyds Bank board June 4, 2014 LLOYDS yesterday brought in Shell’s finance chief as a non-executive director on its board. Simon Henry has held the job at the energy giant since 2009, and has worked his way up the group since joining in 1982. His career has included roles across investor relations, and running finance for the exploration and production parts [...]
Lloyds to pay for computer systems at TSB June 2, 2014 NEW HIGH street bank TSB will receive up to £450m from parent Lloyds if it decides to build new IT systems in future, under the terms of its listing on the stock market. Currently TSB is renting a copy of Lloyds’ systems, giving it a ready-made and comprehensive capabilities. The arrangement is thought to be [...]
Lloyds confirms float of TSB May 27, 2014 Lloyds Banking Group has confirmed plans to sell 25 per cent of lender TSB sometime next month, with the prospectus set to be published in mid-June. The offer will be available to institutional investors and to intermediaries. Retail investors will receive one free share for every 20 they buy, up to the value of £2,000, [...]