RBS converts pref shares — but what about Lloyds?

January 21, 2009 12:00 am

The UK treasury gave in to RBS’ pleas and agreed to convert £5bn of preference shares, resulting in £600m of extra capital for RBS — and a promise to lend £6bn more to UK customers. The pref share conversion however takes RBS a step closer to nationalization, with the government stake going to 70%. Lloyds Banking Group rejected a similar offer, but will its resistance last? Turn to EuroWeek on Friday for details.

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