LONDON (Reuters) – Prestige, not pay, was the main goal for banks who completed Europe’s biggest equity capital market deal so far this year, in the shape of Britain’s sale of 3.2 billion pounds ($5 billion) worth of shares in Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz).
The Treasury and UK Financial Investments (UKFI) – which holds Britain’s stakes in Lloyds and Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) – did not pay any fees to the banks and advisers who handled the sale of the 6 percent stake.
LONDON (Reuters) – Britain could have sold the 6 percent stake in banking group Lloyds (LLOY.L: Quote, Profile, Research) it placed with investment institutions nearly three times over, sources said, raising the prospect it could sell all its shares before the 2015 General Election.
The 3.2 billion pounds divestment, five years after Lloyds and rival Royal Bank of Scotland (RBS) (RBS.L: Quote, Profile, Research) were bailed out at the height of the credit crunch with a combined 66 billion pounds of taxpayers’ cash, represents a milestone in the economy’s recovery from the financial crisis.
LONDON, Sept 17 (Reuters) – Britain has raised 3.2 billion
pounds ($5.1 billion) from the sale of a 6 percent stake in
Lloyds Banking Group, marking a milestone in the
economy’s recovery from the 2008 financial crisis.
Britain pumped a combined 66 billion pounds into Lloyds and
Royal Bank of Scotland in 2008, leaving it with a 39
percent shareholding in Lloyds and an 81 percent stake in RBS.
LONDON (Reuters) – Britain will sell a 6 percent stake in part-nationalized Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz) at a price of at least 75 pence per share, raising over 3.2 billion pounds ($5.1 billion), three sources familiar with the transaction said.
UK Financial Investments launched the sale of the government’s shares in Lloyds earlier on Monday, a milestone in the country’s recovery from the 2008 financial crisis, during which taxpayers pumped a combined 66 billion pounds into Lloyds and Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz).
LONDON, Sept 16 (Reuters) – For Chief Executive Antonio
Horta-Osorio, Britain’s move to sell a 3.3 billion pound ($5.3
billion) stake in Lloyds Banking Group is a vindication
after his leadership was nearly derailed by health issues just
months into his tenure.
The Lloyds share sale, announced after Monday’s close, caps
a remarkable 12 months for the 49-year-old, named 2013′s “Banker
of the Year” as Lloyds returned to profit and the value of its
shares more than doubled, a turnaround all the more striking
following his rocky first year in the role.
LONDON, Sept 16 (Reuters) – Britain’s government has brought
in the UK boss of Credit Suisse to manage the sale of its stakes
in Lloyds and Royal Bank of Scotland, hoping
for a successful turnaround after it had to bail both out with
taxpayers’ money in 2008.
James Leigh Pemberton, currently UK chief executive of
Credit Suisse, has been named head of UKFI, the
institution set up to manage the state’s banking investments. He
was one of the main advisers to the government when it pumped 45
billion pounds ($71 billion) into RBS and 20 billion into Lloyds
to keep them afloat during the 2008 financial crisis.
LONDON, Sept 16 (Reuters) – Barclays has revealed a
watchdog’s finding that it acted recklessly in failing to
disclose payments of 322 million pounds ($511 million) in
advisory fees to Qatari investors who helped bail it out during
the credit crunch.
In its prospectus for a 5.95 billion pound ($9.4
billion)share issue, the British bank said the Financial Conduct
Authority (FCA) planned to fine Barclays 50 million pounds for
its failure to adequately disclose the fees.
LONDON (Reuters) – From his 23rd floor office of Citi’s Canary Wharf tower, Tom Bolland can see the old European HQ of Lehman Brothers, where five years ago hundreds of his former colleagues were abruptly turfed out onto the street carrying their belongings in boxes.
The investment bank’s collapse was the symbolic moment of the financial crisis, and it is a surprise to many that Lehman Brothers in Europe still lives on. It is under administrators, but two-thirds of its 500 staff are former Lehman employees helping to clear up the mess that is left.
LONDON (Reuters) – Hedge funds which gambled on how much money would be recovered from the bankrupt carcass of Lehman Brothers are set to make hundreds of millions of pounds from a full payout to creditors of the European arm.
Five years on from the collapse, payouts to Lehman’s creditors in Europe are on course to top 100 percent sometime next year, following a recovery of assets by administrators and legal victories over other parts of the ex-U.S. investment bank.
LONDON, Sept 10 (Reuters) – The boss of Barclays
said new technology is ready to transform the experience of bank
customers and help his British lender deliver almost half its
planned annual cost savings of 1.7 billion pounds ($2.7
Barclays Chief Executive Antony Jenkins on Tuesday said
operations and technology improvements should deliver 800
million pounds of savings in the next three years.