Lloyds to sell more shares in TSB
Earlier this year, Lloyds banking group began selling off a 38.5% stake in its TSB banking arm and they’re going to be left with a 50% share in TSB after kick starting their latest spate of share sales.
The bank was bailed out by the Government in the midst of the banking crisis in 2008 and since then, they’ve been fined for a number of different things such as mis-selling payment protection insurance so it should come as no surprise that they’re trying to generate funds.
The bank is now planning on selling a further 11.5% of its shares in TSB at 280p per share and it’s estimated that the bank will raise around £160m with the sale.
The reason for the sale of the TSB shares being kick-started is due to Lloyds revealing that they have handed out £1.2m worth of shares to 11 of their most senior staff, including their chief executive, António Horta-Osório. This has been done in order for the bank to try and sidestep the new EU rulings on bonus caps.
This just goes to show the lengths that the banks will go to in order to get their own way. All of the major banks are starting to hand out their top staff members “allowances” in ways of shares so that they can get around the bonus cap.
The cap that has been put in place is meant to stop bankers receiving absurd amounts of money for their bonuses. It’s meant to cap the bonuses that the bankers receive and restrict them to one times the salary of that banker at an absolute maximum, unless shareholders approve a pay-out that is twice the size of a salary.
Cheating the Public
Something that isn’t new to the banks in the UK is the fact that they’re used to cheating money out of the general public.
The PPI mis-selling scandal, which Lloyds was deeply involved in, has cheated the UK public out of billions of pounds and there are millions of people who have been affected by the saga. If you’d like to know more then this post about the facts and figures of PPI should come in handy.
If you think you’re one of the millions of people who have been cheated by the banks, why not start your claim with us today? You can download a PPI claim pack here and get things going today. Alternatively, you can fill in our online form and we’ll send you a pack out in the post with a pre-paid envelope so that you can get it filled in and sent back to us as soon as possible.