Lloyds Banking Group CEO Antonio Horta-Osorio came under more pressure to forsake his bonus after the Financial Services Authority (FSA) slapped the lender with a fine of £4.3 million for failing to pay compensation to payment protection insurance (PPI) mis-selling victims in time.
The FSA yesterday fined Lloyds for failing to compensate around 140,000 PPI mis-selling victims promptly. The watchdog said that thousands of those victims who had to wait for several months for compensation should have been compensated within 28 days.
The country’s most publicly traded fund managing Company Invista Real Estate Management Holdings Plc has decided to sell off the remaining of the assets and payback all the shareholders of the conglomerate. Invista has announced the development following the decision by Lloyds Banking Group Plc to withdraw from the contract it had signed with Invista.
The shares for Invista have seen a slow fall over the past couple of months and the current prices for Invista are at their lowest over the period of the past 20 months. The share prices for Invista fell down to 34.5 pence, a change of
The table of financial service firms getting the maximum number of complaints to the Financial Ombudsman in the initial six months of this year, has once again, been topped by Lloyds Banking Group. The numbers printed today depict that the banking group, which comprises the Lloyds TSB, Bank of Scotland, Halifax and Black Horse brands, raked in a total of 22,242 complaints in the initial half of this year, in comparison to the 20,190 complaints received in the second half of the previous year.
Banking giant Lloyds Banking Group PLC announced yesterday that it decided to leave Irish market as there was little scope for scalable growth in the years to come.
Lloyds declared that its Irish arm, Bank of Scotland, would stop offering services from the end of December 23010.
Earlier, the Bank of Scotland’s parent company Lloyds had put the Irish operation under strategic review, which revealed little scope for improvement due to the continued wretchedness in country’s banking sector and economy.
Lloyds Banking Group PLC on Monday said that it will receive £332 million, $504 million, by trading its portfolio of private equity investments to a new business in which, it will own a minority bet, as part of the 41%-state possessed bank's arrangement to minimize its balance sheet by disposing of non-core possessions.
The 40 firm stakes, held through its Bank of Scotland Integrated Finance unit, will be transferred to a project that is named as Cavendish Square Partners LP, where 70% is owned by private equity shareholder, Coller Capital. Lloyds will hold a 30% stake in Cavendish.
Recently, there has been an announcement made by Lloyds Banking Group regarding its strategy to pay a larger bonus to its Chief Executive, Eric Daniels.
It has been reported that the bank plans to pay Mr. Daniels up to £2.83m in shares as a long-standing bonus which will be equal to 275% of his £1.03m salary.
According to the bank, the amount they plan to offer is more than the earlier limit of 200% of his existing salary, the bank also believes that it is essential to give an increase in order to keep its pay competitive.
Taxpayers lost more than 17 billion pounds on their stake in Lloyds Banking Group and Royal Bank of Scotland as shares in these banks slipped after they posted huge losses for last year.
The drop in the value of shares in Lloyds and RBS has also dashed hopes for a quick sale of taxpayers’ stake in banks.
Lloyds reported 24 billion pounds in bad debt, while RBS posted a loss of 3.6 billion pounds for 2009.
Lloyds Banking Group has been accused by the Bosses at a Charity Foundation, of having disowned its heritage and confirmed its plans to end a 25-year funding deal.
The bank served the Lloyds TSB Foundation for Scotland with a notice to terminate its covenant within nine years.
Mary Craig, Chief Executive of the Foundation which contributes £6 million a year in funding to charity groups throughout the country, described the move as a predetermined act of annihilism.
Losses being faced by the taxpayers on stakes in Royal Bank of Scotland and Lloyds Banking Group have soared to 26 billion pounds as a result of dismal performance of the part-nationalised banks’ shares in 2009.
The taxpayer pumped billions of pounds in the struggling banks at the peak of recession and in return acquired 84 per cent stake in RBS and 43 per cent stake in Lloyds.
Shares in RBS ended 2009 at 29.2p-a-share, much down from the level of 50p-a-share require for the Government to break even.
Lloyds Banking Group announced on Monday that its 13.5 billion pounds cash call had been a success after shareholders took up more than 95 per cent of the offered shares.
Lloyds had provided its existing shareholders with an opportunity to buy 1.34 shares at a price of 37 pence against each share they had. Shares in Lloyds closed at 56 pence a share on Friday.
The offer ended at 11am on Friday.
Lloyds banking Group’s recent cash call valuing 13.5 billion pounds proved successful as more than 90 per cent new shares were taken up by investors.
New shares issued via Lloyds banking Group’s £13.5 billion rights issue brought significant profits to bank’s shareholders. New shares will commence trading from December 14.
New shares, which were offered at 37 pence per share, jumped to 52.22 per cent before closing on Friday. But, shares shed over 3 per cent to close flat over the week.
Mining giant Anglo American has appointed the construction magnate Ray O’Rourke as group’s a non-executive director.
62-year old Ray O’Rourke is best known as the founder, chairman and CEO of the Europe’s leading privately owned construction company Laing O’Rourke.
Speaking on the topic, Sir John Parker, the chairman of Anglo American, said, “I am delighted to welcome Ray O’Rourke to the Anglo American board.
New shares issued through Lloyds banking Group’s £13.5 billion rights issue brought considerable profits to bank’s shareholders.
The shares that were offered at 37 pence, gained 52.22 per cent before closing on Friday.
The lender had provided existing shareholders with an opportunity to purchase 1.34 shares at a price of 37 pence against each share they already hold.
The offer closed at 11am on Friday.
Figures shared by financial website MoneyFacts have revealed that, for the first time since June, average mortgage rates on two-year fixed rate home loans have dipped below 5%, indicating an increase of competition among home loan lenders.
The drop has come after the mortgage rates peaked to record an average fixed cost of 5.21%, and is expected to take away more than 300 Pounds a year from the cost of monthly payments on a 150,000 Pounds interest-only mortgage.
Lloyds Banking Group has confirmed that it will be pricing its major ?13.5 Billion rights issue, which is a world record of its type, at 37 pence per share, which 59.5% lower than the latest recorded closing price for the shares. Under the arrangement, UK's third-largest lender will be offering shareholders the opportunity to buy a total of 36.5 Billion shares, and 1.34 new shares will be offered for every 1 share previously held.