Press Release: State aid: Commission approves amendments to restructuring plan of UK bank Lloyds Banking Group

On 13 May 2014, the European Commission concluded that proposals by the UK authorities to amend conditions for the divestment of Lloyds Banking Group's (LBG) UK retail business, in the context of LBG's restructuring plan, were in line with EU state aid rules. The Commission found that a delay in the divestment of LBG's UK retail bank entity Verde (rebranded TSB), would not jeopardise the viability of the business. The Commission also accepted changes in the scope of the divestment, in particular the removal of certain assets and liabilities, as they would leave TSB in a better financial position and would therefore reinforce its ability to effectively compete in the market despite a reduced balance sheet.

• Primary Source

ESO: Background information: State aid: Commission approves restructuring plan of Lloyds Banking Group http://www.europeansources.info/record/press-release-state-aid-commission-approves-restructuring-plan-of-lloyds-banking-group/

ESO: Background information: State aid: Commission adapts crisis rules for banks http://www.europeansources.info/record/press-release-state-aid-commission-adapts-crisis-rules-for-banks/

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