Lloyds Banking Group is planning to divide the bank into two in a move that would create a non-core bank with assets ready for disposal, The Telegraph reports. Lloyds has appointed a number of external advisers, including McKinsey, to advise on possible asset sales and restructuring. Possible assets selected for the non-core bank include parts of its Australian business and parts of Lloyds’ insurance division. The review is not part of the measures the bank may have taken as a result of the Independent Commission on Banking’s final report due in September.
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