We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedChange Management

Lloyds to unveil restructuring plans next month


Part-nationalised bank to issue strategic review on June 30

Article comments

Lloyds is to unveil its plan for selling off assets and restructuring its business next month amid close scrutiny of its intentions from the Independent Commission on Banking (ICB).

The part-nationalised bank is obliged by regulatory insistence to sell 600 retail branches but might yet be required to dispose of more assets if the ICB turns a recently-made suggestion into a full reform recommendation.  

Lloyds’ new chief executive Antonio Horta-Osario has been working on what will likely be a wide-ranging review since he took up his post in March and is now set to outline his strategic intentions at the end of next month.

Lloyds has said the ICB’s recommendation of further sell offs could delay or complicate its existing programme, although the ICB, focussing on issues of competitiveness within the UK banking sector, is not due to make its final recommendations until September.

The sale of the 600 Lloyds branches, dubbed ‘Project Verde,’ could interest Virgin Money, the retailer Tesco's finance arm, the new bank venture NBNK and overseas lenders such as National Australia Bank, analysts say.

Lloyds was saddled with billions of pounds of losses after it bought troubled rival HBOS at the height of the credit crisis of 2008, a deal brokered by the Labour government of the time.

The government owns around 40.6 percent of Lloyds after its bailout of the bank during the financial crisis.

Meanwhile in Ireland, the recently nationalised Allied Irish Banks (AIB) is getting under way with wholesale changes to its operations, with a non-core unit be set up to dispose of unwanted assets. AIB’s overhaul included the appointment of Paul Stanley as interim CFO.

Share:

Comments

Lloyds to unveil restructuring plans next month
Change Management

How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale valuemore ..


European IPO markets reaches pre-recession levels

At least 15 IPOs with over €250m proceeds are planned before the end of the summer, PwC saysmore ..

BG Group relocates trading HQ to Singapore

Oil and gas company says it wants to get closer to “high growth” LNG marketsmore ..

Chicago Sun-Times first major US paper to accept bitcoins

Backed by Coinbase, the move is part of a digital-first strategymore ..

Will the new tax breaks help Britain’s VFX and film industries?

Alex Hope, MD of Double Negative, explains what the autumn statement really means for UK VFXmore ..

How to improve your annual report

Regulators recognise the value of storytellingmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..

In Depth
What every company needs to do about big data?

What every company needs to do about big data?

In the first of a three part series, Pat Brans explores just how big 'big data' will get? more ..

Advertisement

* *