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Pin to quick picksLloyds Share News (LLOY)

Share Price Information for Lloyds (LLOY)

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Share Price: 55.56
Bid: 55.64
Ask: 55.66
Change: -0.52 (-0.93%)
Spread: 0.02 (0.036%)
Open: 56.22
High: 56.32
Low: 54.98
Prev. Close: 56.08
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Lloyds branch sale falls through as Co-op walks away

Wed, 24th Apr 2013 07:04

Project Verde, the name given to the planned sale of 630 Lloyds branches to the Co-Operative, is to seek a stock market flotation after the latter walked away from the deal.Lloyds announced on Wednesday morning that despite the commitment of both parties to the transaction, the Co-op board has decided that they could no longer go through with the purchase of the Verde business.The Co-op said the reason behind the decision was ""the impact of the current economic environment, the worsened outlook for economic growth and the increasing regulatory requirements on the financial services sector in general".Project Verde is a disposal mandated by the European Commission (EC) following Lloyds' bailout in the financial crisis. The bank is still 39%-owned by the government and has until the end of the year to offload the branches.The plan now for Lloyds is to go ahead with its 'Plan B' to create Verde as a stand-alone High Street bank called TSB Bank, divesting the business through an initial public offering (IPO) "in order to ensure best value for our shareholders and certainty for our customers and colleagues".Chief Executive Officer António Horta-Osório said that while he was "disappointed" with the Co-op's decision not to go ahead with the deal, the new TSB Bank will be an "attractive retail and commercial bank [...] and will be a real challenger on the High Street".While no timing has been given for the IPO, given that it will probably be subject to regulatory and EC approval, the company said that there will be no direct impact to customers as a result of the announcement.Lloyds said: "Customers don't need to do anything and can carry on banking in the same way as they do now, accessing their accounts as usual via the branch, telephone and online banking.  "The group is committed to ensuring that the transfer to the TSB Bank is as smooth as possible for customers and will seek to minimise any disruption during this process."
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24 Apr 2024 09:04

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24 Apr 2024 07:42

LONDON BRIEFING: Lloyds profit takes hit; Jet2 cuts guidance

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Lloyds Bank holds guidance as Q1 profit falls £28%

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23 Apr 2024 10:43

Wednesday preview: US corporate results, Lloyds in the spotlight

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22 Apr 2024 09:04

LONDON BROKER RATINGS: Jefferies raises B&M to 'hold'

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19 Apr 2024 12:02

LONDON MARKET MIDDAY: Stocks down on Israel attack on Isfahan, Iran

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19 Apr 2024 09:26

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19 Apr 2024 08:49

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LONDON BRIEFING: Man Group assets up; 888 revenue above outlook

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18 Apr 2024 14:55

Nord Stream insurers deny policies covered war risks in UK lawsuit

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18 Apr 2024 07:52

Nord Stream insurers say policies did not cover war risks, Kommersant reports

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UK earnings, trading statements calendar - next 7 days

Thursday 18 April 
AJ Bell PLCTrading Statement
BHP Group LtdTrading Statement
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Foxtons Group PLCTrading Statement
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Pod Point Group Holdings PLCFull Year Results
Rentokil Initial PLCTrading Statement
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888 Holdings PLCTrading Statement
Man Group PLCTrading Statement
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ASA International Group PLCFull Year Results
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GB Group PLCTrading Statement
Jupiter Fund Management PLCTrading Statement
Maintel Holdings PLCFull Year Results
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Taylor Wimpey PLCTrading Statement
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Star Energy Group PLCFull Year Results
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A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
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12 Apr 2024 07:59

UK banks must prepare for car finance claims, says watchdog

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