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Article: United Kingdom : EU Said to Tell Lloyds to Sell 3.7 Million Checking Accounts.
- Article from:
- TendersInfo
- Article date:
- October 1, 2009
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The European Union told LloydsBanking Group Plc to relinquish about 3.7 million consumer checking accounts to secure approval of the bank s government rescue, according to a person familiar with the situation.
Lloyds has been told by the European Commission to cut its share of British checking accounts to 25 percent from 30 percent today, said the person, who declined to be identified because the discussions are confidential. The bank has about 22 million checking accounts. Lloyds is still deciding how to achieve the reduction, and may sell branches or assets to comply, the person said. The bank, which has about 3,000 branches, would seek to make a profit from any ...