EU Regulator Sets Sights on U.K. Banks - by Peppi Kiviniemi, Laurence Norman and Adam Brandbery
Europe's top competition regulator is ready to turn its attention to the U.K. banking sector, with divestments likely required from Lloyds Banking Group PLC and Royal Bank of Scotland Group PLC, said Competition Commissioner Neelie Kroes. Having agreed to "changes to several German banks, our attention must turn to U.K. banks," Ms. Kroes said, speaking to a group of banking and finance professionals in London on Tuesday. The British financial sector includes two of the worst-performing banks in Europe, Lloyds and RBS, and the government has been forced to support the industry with £1.26 trillion ($2.087 trillion) in various commitments that could last until 2014, the commissioner said.
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