Banking Revolution
Published / Last Updated on 08/07/2010
by Ashley Clark, Director
It has been reported in a number of national newspapers this morning that a ‘banking revolution’ is planned some city ‘names’.
Lord Levene of Portsoken, chairman of Lloyd's of London as well as other well known finance heavy weights such as former treasury select committee chairman John McFall and ex-EU internal markets commissioner Charlie McCreevy are among a consortium planning a banking venture group which would buy back currently Government-backed assets such as Northern Rock and assets from Lloyds Banking group such as Halifax Bank of Scotland.
The revolution would look to bring 'traditional' lending back to Britain's high streets.
It has been suggested that the consortium is looking to raise £4bn from the city and would look to be trading on the London Stock Exchange within a couple of months.
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