Lloyds TSB Divestment Plans.
Lloyds TSB has recently issued an investors statement stating that it moves ahead with Project Verde and its Divestment plans.
In order to meet its obligations under the State Aid commitments and to ensure the Group maintains the maximum flexibility in its options, Lloyds Banking Group is accelerating the start of the disposal process of the Divestment Business (‘Project Verde’) as set out in the agreed Term Sheet. Moving ahead with the disposal follows the excellent progress the bank has made on integration. Following the appointment of António Horta-Osório as Chief Executive of Lloyds Banking Group on 1 March 2011, the bank has also announced the launch of a Strategic Review of the bank’s Medium Term Plan. The conclusions of the Strategic Review will be announced around the end of the first half of 2011. The Strategic Review will cover all aspects of the business and will focus on ensuring that customers will be at the heart of the bank’s future strategy by supporting UK households and businesses. To support this commitment, the Group will place a moratorium on announcing further UK branch closures until the end of 2011 and pending the Strategic Review.
António Horta-Osório, Lloyds Banking Group Chief Executive said: “Today’s announcements mark the start of the next phase of Lloyds Banking Group’s development. As the integration of our business comes to a close in the coming months, we have a unique opportunity to redefine our future and demonstrate how we will drive long-term value for our customers, shareholders and employees.”
Source: Lloyds TSB
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