Lloyds Banking Group and Royal Bank of Scotland (RBS) has bowed to pressure from the European Commission (EC) to accept restructuring proposals to comply with European anti-trust rules.
RBS is believed to have given thought to selling branches if significant divestments are demanded and Lloyds could be forced to dispose of its Halifax or Bank of Scotland branch network.
The banks have to submit to the EC’s wishes if they are to qualify for state aid. They will have just five years to wean themselves of state aid or to be “wound down” by Brussels.
24/07/09 Financial Times 16 Times 49 Daily Telegraph B1 Guardian 25
