The commission could recommend that Lloyds be broken up or face other restrictions to limit its dominant position in retail banking and mortgage lending. The government aims to sell its stakes in Lloyds and Royal Bank of Scotland RBS.L at a profit, but no disposals are expected until after an independent banking commission tasked with investigating competition in the industry has reported its conclusions in September 2011. Shares in Lloyds, Europe's fourth-biggest bank with a market value the size of Deutsche Bank DBKGn.DE and Societe Generale SOGN.PA combined, closed 2.8 percent higher at 77.42 pence, compared with the average 73.6 pence price paid by the state. Clearly we have strong momentum going forward so I think the shareholders and the taxpayer will do very, very well with their investment in Lloyds.” “We will demonstrate that (buying HBOS) is something that has completely repositioned the bank. “This is very much my decision,” he told reporters on a conference call. There has been speculation for months that Daniels, 59, could go, but the American said there had been no investor pressure for him to quit and defended the HBOS acquisition. The HBOS deal saddled conservatively run Lloyds with huge losses on commercial and retail loans and forced the bank to take 17 billion pounds ($27 billion) of emergency government help, handing a 41 percent stake to the taxpayer.
LONDON, Sept 20 (Reuters) - Lloyds Banking Group Plc LLOY.L said Chief Executive Eric Daniels will retire in the next year, leaving the part-nationalised British bank to find a successor capable of fighting off a potential break-up.ĭaniels, criticised by Lloyds shareholders for the takeover of ailing rival HBOS at the height of the financial crisis two years ago, will stay on as CEO until a replacement is found, the bank said on Monday.
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