Lloyds Pounds 4bn Cash Call As Chairman Search Begins [Edition 2]

Evening Standard - London › May 18, 2009

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Summary

AS Lloyds Banking Group began its search for a new chairman today, it launched a Pounds 4 billion fund-raiser to buy back the Government's preference shares.

The outcome of the massive share issue will determine whether or not Sir Victor Blank's replacement works for a state-controlled bank or one where the Government is merely the largest minority shareholder. That could make a big difference to some of the City's great and good who are being touted as candidates after Blank's shock resignation yesterday.

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Lloyds Pounds 4bn Cash Call As Chairman Search Begins [Edition 2]

Blank's position was always difficult after it became clear that the original Lloyds-HBOS merger go-ahead came from Prime Minister Gordon Brown a...

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