Lloyds Banking

Westpac finalises Lloyds deal

Westpac finalises Lloyds deal The acquisition of Lloyds Banking Group assets, first announced to the market in October by Westpac has completed.

On Thursday, Phil Coffey, Westpac chief financial officer said the deal had now been finalised, and the new businesses would complement existing St George and Westpac Institutional Bank operations.

£28m fine imposed on Lloyds For Sales Incentive Scheme

£28m fine imposed on Lloyds For Sales Incentive SchemeA fine of £28m was imposed on Lloyds Banking Group for "serious failings" which rewarded sales staff with 'grand in your hand' bonuses, even at times products they sold to consumers were believed to be unsuitable.

The Financial Conduct Authority (FCA) said the penalty was the biggest which has ever been imposed against a retail banking operation.

PPI claims Drive Lloyds Banking Group Back into Red

Lloyds-BankingAccording to a latest report, the State-backed Lloyds Banking Group has suffered a huge loss of more than £8 billion. This group has suffered a loss as it has been involved in a miss-selling scandal.

The group is 33% owned by the taxpayer and it has undergone a statutory pre-tax loss of about £440 million in the third quarter this year. The group has suffered a £151 million loss in the same period in 2012 as well.

Government Brazens Out Critics by Entertaining Applications Three Months Earlier

RBS-Lloyds-BankingCritics of the Help to Buy initiative of the government have recently been confronted by it. The government declared that applications would from this week be welcomed by it for the loan guarantees.

As per the findings, the scheme's second phase is formed by the loan guarantees.

The acceptance of the applications would happen three months prior to the planned time.

UK Government Sells 6% Stake in Lloyds to Raise £3bn

Lloyds-BankingIt has been reported by Financial Times that the UK government has raised £3.2bn from the sale of six percent stake in Lloyds Banking Group. It has been confirmed on Tuesday in the first stage of the re-privatization of the high street lender.

The sale has set a benchmark in Lloyd's recovery. It sought a pace in the past year as Antonio Horta-Osorio, chief executive, has driven the group back into profit.