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.
UK banks Lloyds, RBS agree to massive shakeup
Britain’s top retail banks set for shake-up
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
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
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
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
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
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
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
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
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…)
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