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23 May 2017 12:37 (South Africa)

Lloyds doesn't want to play with the UK Government anymore

Lloyds Banking Group, the venerable player of many centuries, is in two minds about the UK government's involvement in its business and is looking to raise capital rather than having to participate in the UK government's insurance scheme for riskier assets. Lloyds previously planned to put £260bn in loans and investments into the Government Asset Protection Scheme (GAPS) in return for taxpayers taking even more shares. The company's been struggling ever since it swallowed HBOS in  September 2008, a move that almost destroyed the bank and resulted in a record-setting loss of almost £11bn in 2008. It left the UK taxpayers owning 43% of group, after the Brown's government stepped in. Although it was necessary at the time, it left the group with a severely uncertain personality. By going to the money market, it is now trying to claw its way back to being a pure business. But it remains to be seen what the UK government's move will be. Read more: BBC News

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