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Loan Protection: Lloyds set to spin off private equity division

Lloyds Banking Group has announced plans to separate its private equity division from its parent firm, according to reports.

The Financial Times has revealed that Lloyds TSB Development Capital is expecting to raise funds from third-party sources by 2013.

Darryl Eales, chief executive of Lloyds TSB Development Capital, told the news provider: "Assuming the regulatory regime stays the same, it is likely in five years we will be independent.

"If the regulatory environment is the same as it is now, then it is inconceivable that we won't have third-party funds of some kind by 2013."

Although Lloyds confirmed that it had no plans to sell its private equity arm, the 40 per cent taxpayer-owned bank is under pressure from regulators to separate their more risky private equity division from their state-backed banking operations.

Major firms such as Citigroup and Bank of America have already begun to separate their private equity arms, while Barclays is also spinning off its own private equity division.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800236873-ADNFCR

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