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Sunday, 20 September 2009

Lloyds to fight Halifax Sale

Lloyds has no intention of submitting to any attempt by Brussels to force it to sell the Halifax, top level sources declared this weekend.

European Competition Commissioner Neelie Kroes is considering what terms to impose on Lloyds Banking Group after its State-backed takeover of HBOS.

She is certain to demand the sale of a number of branches or divisions, but fears have been mounting that she could go so far as to demand that Lloyds sells Halifax, the core of the HBOS business.

A source close to the Lloyds board said it would fight such a ruling 'tooth and nail', with potential litigation likely to tie up a decision for years.

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