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Pin to quick picksLloyds Share News (LLOY)

Share Price Information for Lloyds (LLOY)

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Share Price: 52.18
Bid: 52.26
Ask: 52.30
Change: 0.12 (0.23%)
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Open: 52.38
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Lloyds and Co-op agree on a price for Verde branches

Thu, 19th Jul 2012 07:04

Project Verde, the code name for Lloyds Banking's enforced sale of hundreds of its branches, is close to completion after the part-nationalised lender signed non-binding heads of terms with the Co-operative Group, which wants to buy the branches.The Co-operative Group (Co-op) will pay Lloyds an initial consideration of £350m, and up to an additional £400m in present value - equivalent to around £800m on a nominal basis - based on the performance of the Co-operative's combined banking business from completion up to 2027.Completion of the sale is expected to go through by the end of November, at which point the Co-op will take control of 632 branches from the existing Lloyds network, and with them 4.8m customers, including 3.1m personal current account customers. The Co-op will also gain control of the TSB and Cheltenham & Gloucester (C&G) brands. The acquisition will see the Co-op add around £24bn of fully "matched" assets and liabilities to its balance sheet. The Verde business will have around £11bn of risk weighted assets on a standardised basis. The Verde branches and customer collateral will be rebranded to TSB from summer 2013 and will transfer to the Co-operative at completion under this brand, the statement from Lloyds revealed.The initial consideration will be funded through the sale by Co-operative of perpetual subordinated debt, underwritten by Lloyds. As well as picking up a few bob from underwriting the Co-op's debt issue, Lloyds will earn revenues from maintaining the information technology platform used by the Verde banks through a long-term service agreement.Lloyds is expected to deliver the Verde business with £1.5bn of equity capital assuming a standardised capital model. Under an Internal Ratings Based (IRB) capital model and subject to regulatory approval, the equity capital requirement is expected to be in the range of £1.2bn to £1.4bn. Lloyds intends to apply for an IRB approach to be adopted prior to completion. The completion of the divestment is currently expected to be recognised in Lloyds' 2013 financial statements. "We expect that the loss on disposal will be broadly offset by lower capital requirements from a reduction in the group's risk weighted assets," the company said, adding that the divestment is not expected to have a material effect on the future profitability of the group.The sale of the branches, which critics have argued undermines what little commercial logic there was in the takeover of HBOS by Lloyds at the height of the credit crunch, has been mandated by European Union regulators after the £21bn bailout Lloyds received from UK government. The regulators argued that the bailout, together with Lloyds' dominant position in the UK mortgage market, gave it too much of a competitive advantage.
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23 Feb 2024 10:13

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23 Feb 2024 09:19

LONDON BROKER RATINGS: Barclays raises Breedon but cuts Domino's Pizza

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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22 Feb 2024 16:26

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22 Feb 2024 09:59

CORRECT: Lloyds profit rises but books GBP450 million probe provision

(Correcting sum of Lloyds Banking Group PLC's final dividend.)

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22 Feb 2024 08:24

TOP NEWS: Lloyds profit rises but books GBP450 million probe provision

(Alliance News) - Lloyds Banking Group PLC on Thursday reported an annual profit surge and announced a new share buyback, though it said it has booked a provision in connection to a UK watchdog probe on historic motor finance arrangements.

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22 Feb 2024 07:49

LONDON BRIEFING: Lloyds sets aside GBP450 million for UK motor probe

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22 Feb 2024 07:03

Lloyds FY profit soars, puts aside £450m for motor finance probe

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21 Feb 2024 09:18

Thursday preview: Global PMIs, Lloyds in focus

(Sharecast News) - All eyes on Thursday will be on a raft of purchasing managers' surveys due out in the euro area, UK and US covering the month of January.

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20 Feb 2024 16:52

LONDON MARKET CLOSE: Pound boosted after BoE's Bailey talks rate cuts

(Alliance News) - Stock prices in London closed lower on Tuesday, whilst the pound bounced back, after the Bank of England's Andrew Bailey talked interest rate cuts.

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20 Feb 2024 11:57

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(Alliance News) - Stock prices in London were mixed at midday Tuesday, after a busy morning of corporate updates and earnings.

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20 Feb 2024 09:18

IN BRIEF: GCP Infrastructure enters into new revolving credit facility

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20 Feb 2024 08:52

LONDON MARKET OPEN: Stocks slide; banks rise as Barclays outperforms

(Alliance News) - Stock prices in London opened in the red on Tuesday, as European markets failed to find upward momentum amid muted trading in Asia, and Monday's public holiday in the US.

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16 Feb 2024 14:59

London close: Stocks rise as UK retail sales rebound

(Sharecast News) - London's stock markets saw positive gains on Friday, buoyed by encouraging UK retail sales data and favourable earnings reports from NatWest.

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15 Feb 2024 14:42

UK earnings, trading statements calendar - next 7 days

Friday 16 February 
NatWest Group PLCFull Year Results
Segro PLCFull Year Results
TBC Bank Group PLCFull Year Results
Monday 19 February 
Bank of Cyprus Holdings PLCFull Year Results
MoneySupermarket.com PLCFull Year Results
Transense Technologies PLCHalf Year Results
Wilmington PLCHalf Year Results
Tuesday 20 February 
Antofagasta PLCFull Year Results
Barclays PLCFull Year Results
BHP Group LtdHalf Year Results
Coca-Cola Europacific Partners PLCFull Year Results
Gran Tierra Energy IncFull Year Results
InterContinental Hotels Group PLCFull Year Results
Petra Diamonds LtdHalf Year Results
Springfield Properties PLCHalf Year Results
Wednesday 21 February 
BAE Systems PLCFull Year Results
Conduit Holdings LtdFull Year Results
Glencore PLCFull Year Results
HSBC Holdings PLCFull Year Results
Rio Tinto PLCFull Year Results
Riverstone Credit Opportunities Income PLCFull Year Results
Tate & Lyle PLCTrading Statement
Thursday 22 February 
Anglo American PLCFull Year Results
Genus PLCHalf Year Results
Hargreaves Lansdown PLCHalf Year Results
Hays PLCHalf Year Results
Hikma Pharmaceuticals PLCFull Year Results
Indivior PLCFull Year Results
Jupiter Fund Management PLCFull Year Results
Lloyds Banking Group PLCFull Year Results
ME Group International PLCFull Year Results
Morgan Sindall Group PLCFull Year Results
Pantheon International PLCHalf Year Results
Rolls-Royce Holdings PLCFull Year Results
WPP PLCFull Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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Santander reportedly lodges complaint about Nationwide ad

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