A banking revolution is being plotted by two City grandees who want to bring 'traditional' lending back to Britain's high streets.
The Daily Mail reports Lord Levene of Portsoken, chairman of Lloyd's of London, and Sir David Walker, best-known for his report into corporate governance, are planning to buy up the branch networks and customer accounts being sold by other banking giants. Likely targets include parts of Lloyds Banking Group and Northern Rock. Unlike its rivals, the new firm, dubbed the 'Frankenbank', will not get involved in investment banking, instead concentrating on personal finance from current accounts, savings accounts, mortgages and other loans. FULL STORY UK austerity drive threatens ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
