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COLUMBUS, Ga., Nov. 24 /PRNewswire-FirstCall/ -- Aflac Incorporated (NYSE: AFL) announced today that the Lloyds Banking Group plc has accepted the exchange of two of its investment securities owned by Aflac.
Lloyds Banking Group in Britain said escalating debt losses pushed the merged firm of Lloyds and HBOS to a loss of $6.7 billion in the first half of the year. The banking group was the second nationalized bank to report losses this week.
Lloyds TSB Chairman Victor Blank said he will resign from the British bank when a successor is found, sparing himself a shareholder vote. There were plenty of signs that the next shareholder vote would have been tough for Blank, who orchestrated the bank's takeover of struggling HBOS in September, The Times of London reported Monday. The HBOS takeover came with Prime Minister Gordon Brown's assurances that the government would not challenge the purchase on antitrust grounds.
The British government says it is increasing its stake in Lloyds Banking Group from 43 percent to 63 percent, giving it control of the company. Treasury Minister Stephen Timms told the BBC the deal means the banking group will be mandated to hand out $20 billion in lending this year, of which $15 billion would go to companies and $4.2 billion for home mortgages. It's a very important announcement, Timms said.
The British government may increase its stake in Lloyds Banking Group to 70 percent with a new bailout deal, reports say. British Chancellor of the Exchequer Alistair Darling has agreed in principle to the deal, which would insure $353 billion worth of Lloyd's troubled assets, The Daily Telegraph reported Friday. The bulk of the assets were on the books of HBOS when Lloyds purchased the firm last fall, the newspaper said. HBOS last month reported a 2008 pre-tax loss of $15.5 billion.
Struggling British banks HBOS and Lloyds Banking Group reported sharp declines in 2008, with HBOS losing more than $15 billion in the year. Lloyds, which took over HBOS last year, said its profits dropped 80 percent compared to 2007, posting a profit of $1.15 billion, The Herald reported Friday. HBOS losses include a $1.2 billion tax charge on top of pre-tax losses $14 billion. The news follows the Royal Bank of Scotland's report Thursday that it lost $34 billion in 2008. In a statement,...
The British government denied it was considering pumping more money into Lloyds Banking Group, which lost billions on a purchase of HBOS. While leaving future options open, we are not contemplating (increasing investment) at the moment, Treasury Minister Stephen Timms said. I am confident that in the long term this is going to be a strong and successful commercial bank. A bank spokesman called talk of nationalization, complete tosh, The Daily Telegraph reported Monday.
British Prime Minister Gordon Brown distanced himself Thursday from the aftermath of allegations that a top bank regulator had fired a cautious risk assessor. Deputy Chairman of the Financial Services Authority James Crosby resigned Wednesday after former employee of HBOS bank Paul Moore told a Treasury committee that Crosby, then the bank's chief executive officer, fired him as he was advising the bank to proceed with caution. On Thursday, Brown denied that he had chosen Crosby for the...