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Bank branch sell-off for Scotland Bank branch sell-off for Scotland
(about 1 hour later)
Dozens of bank branches in Scotland are to be sold off as part of a major shake-up of the UK government-owned banking sector.Dozens of bank branches in Scotland are to be sold off as part of a major shake-up of the UK government-owned banking sector.
Assets being sold in Scotland include 185 Lloyds TSB branches, four branches of Cheltenham and Gloucester and the Intelligence Finance internet business.Assets being sold in Scotland include 185 Lloyds TSB branches, four branches of Cheltenham and Gloucester and the Intelligence Finance internet business.
The Royal Bank of Scotland will sell off its NatWest branches in Scotland.The Royal Bank of Scotland will sell off its NatWest branches in Scotland.
It will also put on the market RBS Insurance, which operates the fourth biggest global card payment service.It will also put on the market RBS Insurance, which operates the fourth biggest global card payment service.
Lloyds banking group said after the bank break up plan is completed it would be Scotland's biggest financial sector business employing 20,000 people.Lloyds banking group said after the bank break up plan is completed it would be Scotland's biggest financial sector business employing 20,000 people.
Bank of Scotland, which has more than 300 branches, would remain part of the Lloyds banking group, which is 43.5%-owned by the government.Bank of Scotland, which has more than 300 branches, would remain part of the Lloyds banking group, which is 43.5%-owned by the government.
BANK BRANCH SELL-OFF Lloyds TSB brand disappears and 185 Lloyds TSB branches in Scotland to be soldFour Scottish branches of Cheltenham and Gloucester for saleIntelligence Finance internet operation for saleRoyal Bank of Scotland to sell off its branch network in England and WalesRBS's NatWest branches in Scotland for saleRBS Insurance for sale Douglas Fraser on the bank sale Brian Taylor on political reaction Views from Direct Line
Life and pension brand Scottish Widows would also remain part of Lloyds, as would Scottish Widows Investment Partnership and some specialist commercial financing operations.Life and pension brand Scottish Widows would also remain part of Lloyds, as would Scottish Widows Investment Partnership and some specialist commercial financing operations.
Brown welcomes banks plan
The banking side of the slimmed-down Lloyds operation would be known as Bank of Scotland in Scotland, and Lloyds in England and Wales.The banking side of the slimmed-down Lloyds operation would be known as Bank of Scotland in Scotland, and Lloyds in England and Wales.
Lloyds said its registered office would remain at The Mound in EdinburghLloyds said its registered office would remain at The Mound in Edinburgh
Chancellor Alistair Darling said that under the proposals, more private money was being put into Lloyds, reducing the government's potential liability to Lloyds by £260bn.Chancellor Alistair Darling said that under the proposals, more private money was being put into Lloyds, reducing the government's potential liability to Lloyds by £260bn.
Both RBS and Lloyds have agreed to increase lending to businesses and property owners by a total of £39bn.Both RBS and Lloyds have agreed to increase lending to businesses and property owners by a total of £39bn.
They have also agreed not to pay any bonuses to staff earning more than £39,000 for their performance in 2009, while board members will defer all their bonus payments for this year until 2012.They have also agreed not to pay any bonuses to staff earning more than £39,000 for their performance in 2009, while board members will defer all their bonus payments for this year until 2012.
Shares in RBS fell 1.4% to 38 pence, well below the average price of 50.5p paid by the government for its stake in the bank.Shares in RBS fell 1.4% to 38 pence, well below the average price of 50.5p paid by the government for its stake in the bank.
Lloyds was up 5.9% at 90p, also below the 122.6p price the government took to bail out the bank.Lloyds was up 5.9% at 90p, also below the 122.6p price the government took to bail out the bank.