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Article: United Kingdom : Royal Bank of Scotland, Lloyds in [pounds sterling]31 B Bailout.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
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Byline: Mamta03
Banks in London traded lower after Royal Bank of Scotland and Lloyds Banking Group agreed to tighter bailout conditions in exchange of 31 billion.
UK stocks closed lower after Royal Bank of Scotland and Lloyds Banking Group receive [pounds sterling]31.3 billion in second bailout.
Lloyds will raise [pounds sterling]13.5 billion in rights offering in which UK government will participate with [pounds sterling]5.8 billion purchase and [pounds sterling]7.5 billion in bond exchange. UK government will retain its stake in the bank at 43%.
Royal Bank of Scotland agreed to sell its insurance division, limit bonuses and will ...