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Britain set to sell off three nationalised banks.

Global Banking News-2 November 2009-Britain set to sell off three nationalised banks(C)2009 ENPublishing -

Global Banking News - 02 November 2009(c)2005 - Electronic News Publishing -

The British government is set to sell off some of the country's troubled banks bailed out and nationalised following the global financial crisis.

Northern Rock, Royal Bank of Scotland (RBS) (LSE: RBS) (NYSE: RBS-PP) and Lloyds Bank (LSE: LLOY) (NYSE: LYG) are all set to be sold to the private sector, creating three possible new high-street bank chains.

No existing British financial institution will be permitted to buy up the banks, paving the way for three new bank chains by 2015.

After Northern Rock nearly collapsed in 2007, the British government was forced to step in and now owns 70 percent of RBS, 43.5 percent of Lloyds, and all of Northern Rock - after billions of pounds of taxpayer bail-outs.

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Publication:Global Banking News (GBN)
Date:Nov 2, 2009
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