Sunday, November 01, 2009

British Banks to sell branches to pay back taxpayers

The Royal Bank of Scotland, Northern Rock, and Lloyds Banking Group are to sell off as many as 700 branches in the next few years in exchange for the public aid they received during the economic meltdown, a government official said Saturday. The banks were in negotiations with Britain’s treasury and European regulators over how many assets they would have to give up in return for billions of pounds in help they received from taxpayers. — The Associated Press