View more on these topics

Lloyds sets out £4bn share issue

Lloyds Banking Group chairman Sir Victor Blank is stepping down from his role within the next year.

Blank, who joined Lloyds as chairman in May 2006, is set to retire by the group’s AGM in June 2010. He came under fire over the bank’s takeover of HBOS. Lloyds saw £10.8bn losses on HBOS for 2008 and the taxpayer had to take a 43 per cent stake.

Lloyds chief executive Eric Daniels admitted to the Treasury select committee in February that the bank had not done as much due diligence on HBOS as it would have liked.

In a separate announcement on Monday, Lloyds invited investors to buy up to £4bn of shares to replace preference shares held by the Treasury. The deal is underwritten by the Treasury and could see the taxpayer stake rise to 65 per cent if there is low take-up.

Lord Leitch has been appointed deputy chairman and trade minister and former Standard Chartered chairman Mervyn Davies has been tipped as a possible successor to Blank, along with former trade minister Lord Digby Jones and former Prudential chairman Harvey McGrath.

Blank says: “I will continue working until my successor is appointed to ensure the successful integration of the two banks.” Lord Leitch says the board was “unanimous” in wanting Blank to seek re-election.


Jupiter team to increase small caps

Jupiter’s multi-manager team has reduced its cash position to less than 5% across all four onshore portfolios and is preparing to move into small caps. John Chatfeild-Roberts and Algy Smith-Maxwell, the lead managers, say they are on the verge of deploying the assets into British smaller companies. They have also moved money into Asia, Latin […]


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