Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksLloyds Share News (LLOY)

Share Price Information for Lloyds (LLOY)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 53.72
Bid: 53.62
Ask: 53.66
Change: 1.54 (2.95%)
Spread: 0.04 (0.075%)
Open: 52.98
High: 54.20
Low: 52.94
Prev. Close: 52.18
LLOY Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Lloyds executives face questions on collapse of branch sale

Wed, 12th Jun 2013 11:24

* Sale of branches to Co-op supposed to create challenger

* Lloyds chairman, CEO to face lawmakers on June 18

* FPC's Haldane says PRA working with Co-op's new management

By Matt Scuffham

LONDON, June 12 (Reuters) - Lloyds Banking Group Plc's top executives will appear before British lawmakersnext Tuesday to answer questions over the collapse of a plannedsale of hundreds of branches to the Co-operative Group.

Chief Executive Antonio Horta-Osorio and Chairman WinBischoff will answer questions from the Treasury SelectCommittee (TSC) about why the deal, which would have created achallenger to Britain's dominant lenders, fell through afterlengthy negotiations.

Since the talks ended in April, the financial health of theCo-operative Bank has come under scrutiny, withrating agency Moody's downgrading its credit rating to "junk"status and warning it might need taxpayer support - somethingthe bank has denied.

Industry and political sources said lawmakers want to get tothe bottom of why the talks were allowed to proceed for so longat a time when Co-op Bank's capital position was so precarious.Industry sources say the bank is facing a capital shortfall ofup to 1 billion pounds ($1.6 billion).

There had been strong cross-party political support for theCo-op to play a bigger role in UK banking because of the firm'sethical credentials. The Co-operative is Britain's biggestmutual business, owned not by private shareholders, but by morethan 6 million individuals.

Industry sources had expressed doubt about the deal'sviability for several months prior to it collapsing, mainlyciting concerns over how the Co-op would meet regulatory capitalrequirements.

Co-op's new Chief Executive Euan Sutherland has overhauledthe group's senior management in recent weeks, appointing agroup finance director and a chairman and chief executive atCo-op Bank.

Andy Haldane, a member of the Bank of England's FinancialPolicy Committee (FPC), on Tuesday told the TSC, which overseesthe work of Britain's finance ministry, that the Moody'sdowngrade of Co-op Bank had been "a surprise to almosteveryone".

"It's clear that further needs to be done to put Co-op intoa situation of resilience and sustainability and my colleaguesat the PRA (Prudential Regulation Authority) are working closelywith Co-op's new management on just that," he said, referring toanother part of Britain's financial regulatory setup.

More News
3 May 2024 16:28

Intesa targets new digital-only clients after antritrust blow

Antitrust ruling derailed client migration timetable

*

Read more
2 May 2024 12:30

Direct Line revamps management with three new appointments

(Alliance News) - Direct Line Insurance Group PLC on Thursday announced several new appointments, which the company's chief executive officer hailed as "central to delivering our strategy to transform the group".

Read more
29 Apr 2024 07:00

Britain's NatWest share sale to test UK equity market upswing

Government keen to revive share-owning culture via offer

*

Read more
27 Apr 2024 12:00

Britain's NatWest share sale to test UK equity market upswing

Government keen to revive share-owning culture via offer

*

Read more
26 Apr 2024 16:35

London close: Stocks buoyed by banking, mining positivity

(Sharecast News) - London's equity markets closed positively on Friday, buoyed by gains in the banking sector following better-than-expected results from NatWest.

Read more
26 Apr 2024 09:45

NatWest profit falls less than feared ahead of state escape

First-quarter profit down 27% in competitive market

*

Read more
24 Apr 2024 15:09

London close: Stocks finish weaker after earlier gains

(Sharecast News) - London markets closed the day weaker on Wednesday, reversing earlier gains as Wall Street stocks opened lower, although mining stocks remained above the waterline.

Read more
24 Apr 2024 11:55

LONDON MARKET MIDDAY: Investors shake off pre-US inflation nerves

(Alliance News) - The FTSE 100 in London was higher at midday on Wednesday, as investors look ahead to the US Federal Reserve's next test on Friday.

Read more
24 Apr 2024 09:11

TOP NEWS: Lloyds profit squeezed by rising costs as revenue declines

(Alliance News) - Lloyds Banking Group PLC on Wednesday said first quarter profit slumped as the benefits of higher interest rates faded amid mounting costs.

Read more
24 Apr 2024 09:04

LONDON MARKET OPEN: Reckitt up on strong start to 2024; Lloyds falls

(Alliance News) - Stock prices in London opened higher on Wednesday, building on this week's gains, as investors look ahead to some key US data.

Read more
24 Apr 2024 07:42

LONDON BRIEFING: Lloyds profit takes hit; Jet2 cuts guidance

(Alliance News) - Stocks in London are set to open higher on Wednesday, as the release of some key US data edges closer

Read more
24 Apr 2024 07:02

Lloyds Bank holds guidance as Q1 profit falls £28%

(Sharecast News) - Lloyds Bank held annual guidance despite a 28% fall in first-quarter profits due to lower net interest income and higher operating expenses, as competition for mortgages and savings squeezed margins.

Read more
23 Apr 2024 10:43

Wednesday preview: US corporate results, Lloyds in the spotlight

(Sharecast News) - The market spotlight on Wednesday will be firmly on the U.S., as the latest quarterly results from the country's tech heavyweights continue to roll in.

Read more
22 Apr 2024 09:04

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

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
19 Apr 2024 12:02

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

(Alliance News) - Stock prices in London were down at midday on Friday, as equity sentiment suffered by worries of a conflict escalation between Iran and Israel, after Iranian state media reported explosions in the province of Isfahan.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.