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19/07/2012
Co-op Buys Lloyds Bank Branches
Terms have been agreed for the Co-op to buy 632 branches of Lloyds TSB and Cheltenham and Gloucester.
The Co-operative Group will pay Lloyds Banking Group £350m upfront and up to an additional £400m based on the performance of the combined business.
European regulators demanded the sale after Lloyds bought HBOS during the financial crisis.
The Co-op will take over the branches, which represent 6% of the UK market, including their 4.8 million customers.
The takeover will bring the Co-op's total branches to almost 1,000 and will increase its share of UK personal current account customers from 1% to 7%.
After buying HBOS, Lloyds then needed a government bailout, and is still 40%-owned by the taxpayer.
(H)
The Co-operative Group will pay Lloyds Banking Group £350m upfront and up to an additional £400m based on the performance of the combined business.
European regulators demanded the sale after Lloyds bought HBOS during the financial crisis.
The Co-op will take over the branches, which represent 6% of the UK market, including their 4.8 million customers.
The takeover will bring the Co-op's total branches to almost 1,000 and will increase its share of UK personal current account customers from 1% to 7%.
After buying HBOS, Lloyds then needed a government bailout, and is still 40%-owned by the taxpayer.
(H)
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24 April 2013
Co-op Bank Purchase Falls Through
A Llyods Banking Group sale of 632 bank branches to the Co-op group has fallen through. It had been hoped that by buying the branches the Co-op would create a bigger competitor to the main high street banks. However, the continued economic downturn and tougher regulatory environment imposed on banks has been blamed for the collapse of the sale.
Co-op Bank Purchase Falls Through
A Llyods Banking Group sale of 632 bank branches to the Co-op group has fallen through. It had been hoped that by buying the branches the Co-op would create a bigger competitor to the main high street banks. However, the continued economic downturn and tougher regulatory environment imposed on banks has been blamed for the collapse of the sale.
11 December 2013
Lloyds Bank Fined A Record £28m
Lloyds Banking Group has been fined a record £28m for "serious failings" in relation to its bonus schemes for sales staff. The Financial Conduct Authority (FCA), which issued the fine, said it is the largest fine it or the former Financial Services Authority (FSA) had imposed for retail conduct failings.
Lloyds Bank Fined A Record £28m
Lloyds Banking Group has been fined a record £28m for "serious failings" in relation to its bonus schemes for sales staff. The Financial Conduct Authority (FCA), which issued the fine, said it is the largest fine it or the former Financial Services Authority (FSA) had imposed for retail conduct failings.
10 May 2013
Co-op Bank Downgraded By Moody's
The debt rating for the Co-operative Bank has been downgraded by ratings agency Moody's. The downgrade comes after the Co-op said last month that it was no longer pursing a deal to purchase 632 branches of Lloyds Banking Group. At the time, the bank said it withdrew from negotiations due to negative economic forecasts.
Co-op Bank Downgraded By Moody's
The debt rating for the Co-operative Bank has been downgraded by ratings agency Moody's. The downgrade comes after the Co-op said last month that it was no longer pursing a deal to purchase 632 branches of Lloyds Banking Group. At the time, the bank said it withdrew from negotiations due to negative economic forecasts.
12 September 2011
UK Banks To Face Major Shake-Up
A government-backed commission has suggested that UK banks should ring-fence their retail banking divisions in order to protect them from riskier investment banking arms. The Independent Commission on Banking, led by Sir John Vickers, said it would "make it easier and less costly to resolve banks that get into trouble.
UK Banks To Face Major Shake-Up
A government-backed commission has suggested that UK banks should ring-fence their retail banking divisions in order to protect them from riskier investment banking arms. The Independent Commission on Banking, led by Sir John Vickers, said it would "make it easier and less costly to resolve banks that get into trouble.
13 January 2012
Lloyds Banking Group Chief Executive Declines Annual Bonus
António Horta-Osório, Lloyds Banking Group Chief Executive, has informed the bank's board that he does not wish to be considered for an annual bonus for 2011. António Horta-Osório, Group Chief Executive, said: "I joined Lloyds Banking Group to rebuild the pride in the bank.
Lloyds Banking Group Chief Executive Declines Annual Bonus
António Horta-Osório, Lloyds Banking Group Chief Executive, has informed the bank's board that he does not wish to be considered for an annual bonus for 2011. António Horta-Osório, Group Chief Executive, said: "I joined Lloyds Banking Group to rebuild the pride in the bank.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
