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State-backed UK banks gain approval for capital plans

State-backed British lenders Lloyds Banking Group and Royal Bank of Scotland have agreed plans to shore up their capital with the financial regulator, removing a barrier to the government offloading its shares.The regulator said on Wednesday it had finalized capital requirements for the two banks and that the lenders had submitted their plans. Both banks said they did not need to issue new equity and could raise the necessary capital by selling assets and via restructuring plans already under way.The banks need to show they are robust enough to return to private ownership after Britain pumped in a combined 66 billion pounds ($100 billion) to rescue them during the 2008 financial crisis. Both have since undertaken major restructuring, including asset sales and job losses, under new management."Having refocused their business, now is the time for a clear strategy on how to return RBS and Lloyds to the private sector in a way that protects value for the taxpayer," Finance Minister George ...

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  11. RBS to Cut More Jobs; Lloyd's Sees Return to Profit

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  1. Russian banker has his eye on Europe

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