Key Developments: Lloyds Banking Group PLC (LYG)

LYG on New York Consolidated

30 Oct 2014
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Latest Key Developments (Source: Significant Developments)

Lloyds Banking Group Plc updates on placing
Friday, 26 Sep 2014 02:00am EDT 

Lloyds Banking Group Plc:Has sold 57.5 million ordinary shares in the company, representing about 11.5 pct of the company's issued ordinary share capital, at a price of 280 pence per share raising aggregate gross sale proceeds of 161 million Pounds.Following completion of the Placing, which is expected to take place on Oct. 01.UBS Investment Bank acted as bookrunner in connection with the placing.  Full Article

Lloyds Banking Group PLC announces settlements on legacy LIBOR & BBA repo rate issues
Monday, 28 Jul 2014 09:46am EDT 

Lloyds Banking Group PLC:Reaches settlements totalling 218 mln pounds to resolve with UK and US federal authorities legacy issues.Regarding manipulation several years ago of Group companies' submissions to British Bankers' Association (BBA) London Interbank Offered Rate (LIBOR) and Sterling Repo Rate.Group condemns actions of individuals responsible for conduct in question, which it regards as totally unacceptable and unrepresentative of the cultural changes that the Group has implemented.Actions will be deplored by all employees.Manipulation of submissions covered by settlements took place between May 2006 and 2009 and individuals involved have either left the Group, been suspended or are subject to disciplinary proceedings.Group's Board will now consider all remuneration implications and potential actions available to it.  Full Article

Lloyds Banking Group announces restatement 2013 reported segmental financial info
Thursday, 3 Jul 2014 04:45am EDT 

Lloyds Banking Group PLC:Publishes restated segmental profit and loss and key balance sheet information for 2013 to reflect the previously announced reorganisation of the Group's operating structure implemented at the beginning of the year.Says Group's underlying profit and statutory results are unchanged as a result of these restatements.Restatement also includes the attribution to divisions of regulatory costs such as the Bank Levy and FSCS costs.  Full Article

Lloyds Banking Group plc announces the pricing of the initial public offering of TSB
Friday, 20 Jun 2014 02:00am EDT 

Lloyds Banking Group plc:Offer price has been set at 260 pence per TSB ordinary share.Based on the Offer Price, TSB's market capitalisation is about 1,300 mln pounds.Due to significant investor demand for TSB Ordinary Shares, the Offer Size has been set above the expected Offer Size of 25 pct.Offer comprises 175 mln existing TSB Ordinary Shares being sold by Lloyds (prior to any exercise of the over-allotment option).Says representing 35 pct of the 500 mln TSB ordinary shares that will be in issue at admission.About 30 pct of the offer has been allocated to retail investors under the intermediaries offer.Gross proceeds realised by Lloyds will be 455 mln pounds (prior to any exercise of the over-allotment option.As stabilising manager on behalf of the Underwriters, J.P. Morgan Cazenove has been granted an over-allotment option by Lloyds, exercisable no later than thirty days from today, over up to 17.5 mln TSB Ordinary Shares, representing 10 pct of the Offer.Admission and the commencement of unconditional dealings in TSB shares are expected to take place at 8.00 am on June 25 under the ticker TSB.  Full Article

Lloyds Banking Group plc announces sale of UK commercial real estate loans portfolio
Thursday, 5 Jun 2014 02:00am EDT 

Lloyds Banking Group plc:Says it has agreed the sale of a portfolio of UK commercial real estate loans to Promontoria Holding 109 B.V., which is an affiliate of Cerberus Global Investors.Cash consideration of 352 mln pounds.Sale proceeds will be used for general corporate purposes.Transaction is expected to complete in the H2 2014.  Full Article

Lloyds Banking Group plc intends to proceed with initial public offering of TSB Banking Group plc
Tuesday, 27 May 2014 02:01am EDT 

Lloyds Banking Group plc:Announces its intention to proceed with an initial public offering of TSB Banking Group plc.Lloyds intends to sell about 25 pct of the existing ordinary shares in TSB as part of its divestment mandated by the EC.Lloyds is required to sell down its remaining stake before Dec. 31, 2015.TSB will list on the premium segment of the Official List and the main market of the London Stock Exchange.Offer is expected to take place next month, with the publication of the Prospectus mid-June.  Full Article

Lloyds Banking Group PLC to cut 1,080 jobs-Reuters
Tuesday, 28 Jan 2014 08:27am EST 

Lloyds Banking Group PLC:Says, it is shedding 1,080 jobs as part of its 2011 plan to deliver 1.5 billion pounds ($2.3 billion) of annual savings by this year-Reuters.Lloyds said the jobs were going in its retail, risk, operations and commercial banking divisions.  Full Article

Westpac Banking Corp completes acquisition of Lloyds Banking Group Plc's Australia Select Businesses
Wednesday, 1 Jan 2014 04:34pm EST 

Westpac Banking Corp:Says t had completed the acquisition of Lloyds Banking Group Plc’s Australian asset finance business, Capital Finance Australia Limited (CFAL), and its Australian corporate loan portfolio, BOS International (Australia) Ltd (BOSI).Says the transaction was previously announced to the market on Oct. 11, 2013.  Full Article

Lloyds Banking Group PLC sells St. James's Place PLC stake - Reuters
Tuesday, 10 Dec 2013 06:40am EST 

Lloyds Banking Group PLC:Says it boosted its capital by 685 million pounds ($1.1 billion) via the sale of its remaining stake in wealth manager St James's Place PLC - Reuters.  Full Article

Lloyds Banking Group PLC to sell remaining stake in St. James's Place PLC - Reuters
Monday, 9 Dec 2013 11:55am EST 

Lloyds Banking Group PLC:Says it would sell its remaining 21 percent stake in St James's Place PLC - Reuters.Says it will sell 109 million shares to institutional shareholders.Says stake is worth around 700 million pounds.  Full Article


Lloyds dealt new blow with $1.5 billion mis-selling charge

LONDON - British bank Lloyds has taken another 900 million pound ($1.5 billion) charge to compensate customers mis-sold loan insurance, delivering a further blow to the lender which only narrowly passed European health checks on the sector's finances. | Video

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