UK, EU strike agreements with RBS, Lloyds
The UK Treasury and the EU came to agreements with Royal Bank of Scotland and Lloyds Banking Group. RBS will participate in the UK government's asset-insurance scheme, while Lloyds will not. The government will inject £31.2 billion into the banks, with the majority going to RBS. Lloyds is looking to move forward without much more government help. The bank plans to raise £21 billion through a rights issue and debt swap. Along with participating in the insurance programme, RBS will divest noncore assets, bank branches and some divisions.
Bloomberg | 03 Nov.
This story published in SIFMA Global SmartBrief on 11/03/2009
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