Friday August 14, 2020

Break-ups impose new era on British banking

New entrants are likely to fill retail gaps left by RBS and Lloyds, writes Ben Griffiths in London

7th November, 2009

The future shape of banking on Britain’s high street s was changed forever last week as two of the industry’s major players were ordered to be broken up to allay European competition concerns.

After weeks of speculation about the likely level of the penalties Royal Bank of Scotland (RBS) and Lloyds Banking Group would have to pay for receiving massive state aid, the outcome represented the most radical shake-up of retail...

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