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UK: OFT mulls more divestures on Lloyds, RBS

By  |  June 20, 2013
UK: OFT mulls more divestures on Lloyds, RBS

The Office of Fair Trading is reportedly considering a plan that would tack on more divestures for Lloyds Banking Group and the Royal Bank of Scotland. The OFT is already requiring the banks to sell 948 branches as part of its agenda to boost competition for smaller banks. The European Commission has thus far told RBS to divest 316 branches; Lloyds is required to divest 632. The sales are part of agreements made for more than $100 billion in bailout funds issued between 2008 and 2009. The OFT is now considering ordering more branch sales after British chancellor George Osborne has approached the watchdog with requests to amp up its efforts to build banking competition.

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