Lloyd's (LYG) Closes First Round of Bids in Branch Sale
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Lloyd's Banking (NYSE: LYG) has reportedly received a handful of bids in it's planned sale of certain retail branches. Lloyd's plans on moving to the next stages of the sales process shortly.
According to the WSJ, bids were received from Virgin Money, NBNK Investments PLC, National Australia Bank Ltd., and The Co-operative Bank, among others.
Lloyd's is being forced into the sale following the receipt of billions of pounds from the EU amid the financial meltdown a few years ago. Lloyd's is about 41 percent owned by the taxpayer.
A sale doesn't need to be completed until November 2013.
JPMorgan Chase & Co. (NYSE: JPM) and Citigroup (NYSE: C) are reported to be running the auction process. The banks have also provided a loan to fund the £30 billion gap between Lloyd's loans and customer deposits.
Lloyd's is trading 1.25 percent lower at the open.
According to the WSJ, bids were received from Virgin Money, NBNK Investments PLC, National Australia Bank Ltd., and The Co-operative Bank, among others.
Lloyd's is being forced into the sale following the receipt of billions of pounds from the EU amid the financial meltdown a few years ago. Lloyd's is about 41 percent owned by the taxpayer.
A sale doesn't need to be completed until November 2013.
JPMorgan Chase & Co. (NYSE: JPM) and Citigroup (NYSE: C) are reported to be running the auction process. The banks have also provided a loan to fund the £30 billion gap between Lloyd's loans and customer deposits.
Lloyd's is trading 1.25 percent lower at the open.
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