Lloyds Banking Group: Industrial revolution: UK Only Article: UK article only Issue: How is Britain’s economy really doing? Fly Title: Lloyds Banking Group Rubric: Britain’s biggest domestic bank has returned to profit. The government is likely to sell its stake soon Main image: Lloyds’ CEO: planning pays Lloyds’ CEO: planning pays SELDOM has such scepticism surrounded a merger as when, in the depths of the 2008 financial crisis, Lloyds TSB decided to buy its ailing competitor, HBOS, to create the biggest domestic bank in Britain. Officials worried about financial stability were desperate for a buyer, yet competition regulators were aghast at the creation of a behemoth with 30% of the market for personal accounts. Shareholders, for their part, pummelled Lloyds stock, worried that it was paying too much for a bust bank. Even Alistair Darling, then chancellor, had doubts, writing later in his memoirs how it “was not obvious” that this was “an opportunity” for Lloyds. Mr Darling said he told the then chief executive to be sure the bank “knew ... dlvr.it/3mshLF ECONOMIST
Posted on: Fri, 09 Aug 2013 01:53:19 +0000
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