A PYMNTS Company

UK: OFT mulls more divestures on Lloyds, RBS

By  |  June 20, 2013

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: The Guardian

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.