View more on these topics

Lloyds looks to raise £20bn to speed up branch sale

Lloyds Banking Group is said to be in talks to raise £20bn to speed up the sale of 600 of its branches before the November 2013 deadline.

The European Commission ordered Lloyds to offload the branches in 2009 as a result of receiving state support when the bank took over HBOS at the height of the financial crisis in September 2008.

Lloyds new chief executive Antonio Horta-Osorio, who previously headed up Santander UK, wants to accelerate the plans to offload the 600 branches, according to The Herald.

Branches up for sale include the 185-strong branch network of Lloyds TSB Scotland and the Intelligent Finance division.

It is thought that Lloyds is negotiating with investment banks including Citigroup and JP Morgan to speed up the sale, with the possibility of the firms stumping up a loan in a bid to boost their chances of advising on the sale.

Potential bidders for the branches include Clydesdale Bank and Yorkshire Bank parent National Australia Group, Virgin Money, and an investment vehicle formed by Lord Levene.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm