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Article: United kingdom : Lloyds Seeks GBP21B To Avoid APS; Light Asset Sale.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
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Byline: babalu03
Lloyds Banking Group PLC (LYG) on Tuesday unveiled a long-awaited plan to raise GBP21 billion in capital to escape the U.K. government's expensive asset protection scheme, a move that will also help the bank remain largely the same in overall structure.
The bank, 43%-government owned, said it will dispose of more than 600 branches over four years, representing a 4.6% current account market share and about 19% of its mortgage balances under European Union competition remedies.
The EU demands over Lloyds were softer than over U.K. peer Royal Bank of Scotland Group PLC (RBS), which announced a massive disposal program of its ...