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Https://www.ft.com/content/b8dda894-cdd1-4015-963f-07330ab8a15d
Https://news.sky.com/story/supermarket-giant-tesco-to-explore-sale-of-banking-arm-12813796
The outcome will be a stunning one for Lloyds and its chief executive Charlie Nunn, who had rejected a series of partial repayment offers from the family lodged after the Telegraph's holding company was placed into receivership during the summer.
In addition to the £700m value of the principal loan, the Barclays are paying more than £400m in interest which has accrued over many years.
"The writeback is pure profit for Lloyds and will flow straight to the bank's bottom line," the analyst said.
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One person close to the situation said Lloyds had written down the majority, but not all, of the loan's original £700m value.
A writeback of over £500m is therefore expected to contribute a meaningful proportion of the bank's 2023 annual profit.
Analysts say the company is already generating significant sums of excess capital and that the absence of a substantial acquisition would therefore give Lloyds' board the freedom to return the Telegraph loan windfall to shareholders.
Https://news.sky.com/story/lloyds-shareholders-could-reap-500m-bonanza-from-telegraph-deal-13020220
I did read that it will be paid Friday!! Sky news today.
On Wednesday, Lloyds wrote to the Department for Culture, Media and Sport (DCMS) notifying officials that the Barclay family will repay a £1.16bn loan to it in the coming days, thanks to the RedBird IMI purchase.