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Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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Home Financial Banking Investec not interested in RBS, Lloyds Banking leftovers

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Investec not interested in RBS, Lloyds Banking leftovers PDF Print E-mail
Written by Sam Coventry   
Friday, 20 November 2009 11:11
Investec chief executive tells the FT that while the bank is looking to expand in the UK, it has no interest in picking up Lloyds Banking Group and RBS leftovers.


RBS (LON:RBS) and Lloyds Banking Group (LON:LLOY) are unlikely to find a buyer in the form of Investec for the various units they are set to spin off.

Investec (LON:INVP) have stated that they aim to grow their business in the UK by up to 10% next year.

And one of the most obvious ways of expanding their UK footprint would have been to buy the spun off fragments of the Lloyds Banking Group and RBS.

Lloyds Banking Group and RBS have been instructed by the European Commission to make themselves smaller in order to comply with competition laws.

Because the two UK banking giants received state assistance it would be improper for them to hold such a large portion of the UK retail and investment market say the European Commission.

Stephen Koseff, Investec chief executive, told the Financial Times: “We think there are opportunities to broaden our footprint significantly in the UK.”

Koseff said he now saw scope to boost its UK private client and corporate lending activity, in part to offset stagnation in its home market in South Africa.

Investec has £6bn ($10bn) of loans in the UK out of £17bn globally.

Koseff did however not give any further details as to why Investec would not buy units from RBS and Lloyds Banking Group.