Six Banks to Back Lloyds Rights Issue

Daily Mail (October 13, 2009)

Author: Lucy Farndon; Simon Duke

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Summary

LLOYDS Banking Group has lined up six investment banks to steer it through a multi-billion pound rights issue, as it takes further steps towards convincing the authorities it has the financial strength to go it alone.

The bank, which hopes to raise up to Pounds 15bn by issuing new shares, has asked its corporate broker UBS to help with the process. UBS would be the lead guarantor of the fund raising, alongside Bank of America Merrill Lynch. Rivals Citigroup, Goldman Sachs, JP Morgan Cazenove and HSBC are also underwriting the potentially record- breaking cash call.

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Extract

Six Banks to Back Lloyds Rights Issue

Lloyds is keen to reduce its reliance on the gov...

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