Lloyds TSB, the UK’s biggest retail bank, is understood to be targeting US financial institutions in a deal that could eventually be valued at more than £4bn.
The talks are a sign that Lloyds TSB is frustrated at its inability to find an acquisition in the UK, said to be because of competition rules.
A deal would also mean it would not have to return large surplus funds to shareholders.
No US bank candidates were mentioned in the report.
Sunday Business 11/04/99 page 3
