Financial Regulatory Forum

UK banks Lloyds, RBS agree to massive shakeup

November 3, 2009

A pedestrian passes the head office of the Lloyds Banking Group in central London August 5, 2009.    REUTERS/Stefan Wermuth (BRITAIN BUSINESS)    By Clara Ferreira-Marques and Steve Slater
LONDON, Nov 3 (Reuters) – Britain’s two largest retail banks secured another 31 billion pounds ($50.5 billion) from the government on Tuesday and agreed to sell branches and key businesses to appease EU competition concerns over state aid.

Britain’s top retail banks set for shake-up

November 3, 2009

  LONDON, Nov 3 (Reuters) – Britain is set to announce on Tuesday a long-awaited deal with its bailed-out banks, including a record rights issue for Lloyds Banking Group and hefty disposals for Royal Bank of Scotland to appease the EU competition regulator and boost competition.

RBS faces forced sales and 3,700 UK job cuts

November 2, 2009

A customer uses a Royal Bank of Scotland (RBS) cash machine in Edinburgh, Scotland August 7, 2009.    (BRITAIN BUSINESS BANKING)   By Clara Ferreira-Marques
LONDON, Nov 2 (Reuters) – Royal Bank of Scotland said it would be forced to sell more assets than it had expected and axe 3,700 jobs from its retail business as another radical shake-up loomed for Britain’s banks.

Royal Bank of Scotland likely to sell insurance arm, other assets-source

October 30, 2009

A customer uses a Royal Bank of Scotland (RBS) cash machine in Edinburgh, Scotland August 7, 2009.  REUTERS/David Moir    (BRITAIN BUSINESS BANKING)  LONDON, Oct 30 (Reuters) – Royal Bank of Scotland, which is majority owned by the British government, is likely to sell its insurance units and other assets including branches and some investment banking operations, a British government source told Reuters on Friday.

ING breakup spurs investor concern over state-aided banks

October 27, 2009

The headquarters of Dutch bank and insurance group ING is pictured in Amsterdam in this file photo taken February 29, 2008. Dutch financial group ING will take a 2008 loss of 1 billion euros and will tap into a Dutch state guarantee for its troubled loan portfolio, it said on January 26, 2009, adding its Chief Executive Michel Tilmant will step down. Picture taken February 29, 2008. REUTERS/Toussaint Kluiters/United Photos/Files    (NETHERLANDS)    By Kirstin Ridley and Steve Slater
LONDON, Oct 27 (Reuters) – Investors are shunning European bank shares after an EU-imposed break-up and retrenchment of Dutch ING Groep sparked fears Belgium’s KBC and UK peers face tougher-than-expected sanctions in return for state aid.

NEWSMAKER-EU state aid experts mix pragmatism, tough talk

October 16, 2009

By Foo Yun Chee

BRUSSELS, Oct 16 (Reuters) – Neelie Kroes, the European Union antitrust czar, has picked two high-fliers with a wealth of financial and state aid experience to help restructure Europe’s banking landscape in the wake of the credit crisis.

EU races towards ruling in UK banks probe

September 15, 2009

By John O’Donnell and Foo Yun Chee
BRUSSELS, Sept 15 (Reuters) – The EU’s executive arm will be primed for a decision within weeks on whether to let Lloyds and Royal Bank of Scotland offload problem investments to the state, a ruling that could force a shake-up of the troubled lenders.

EU raises doubts about ING, Dutch loan deal

September 15, 2009

By Ben Berkowitz
AMSTERDAM, Sept 15 (Reuters) – The European Commission has extended a review of a 22 billion euro ($32 billion) loan portfolio guarantee between ING and the Dutch state, saying the government may have paid too much.

UK’s Darling to force ‘living wills’ on banks – report

September 15, 2009

LONDON, Sept 15 (Reuters) – UK Finance Minister Alistair Darling plans to force the country’s banks to draw up ‘living wills’ that would allow them to be dismantled more easily in the event of another financial crisis, the Financial Times reported.

UK Tories eye retail investors for RBS, Lloyds -FT

September 14, 2009

BRITAIN/    LONDON, Sept 14 (Reuters) – Shadow UK chancellor George Osborne is looking at selling a tranche of shares in Royal Bank of Scotland <RBS.L> and Lloyds Banking Group <LLOY.L> to retail investors, the Financial Times reported. (more…)