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Lloyds TSB Move For Dresdner Bank

In a move which has surprised many in the market it seems as though Lloyds TSB is in talks with Dresdner about acquiring the company’s retail banking unit. While there is little detail about the deal, or even the talks, a number of UK newspapers have picked up on the potential for a £6 billion bid. However, there is also talk that the company may look to swap its Scottish Widows division for the Dresdner banking unit, a move which would further focus Lloyds TSB on retail banking.

While the timing of the move has caught a few analysts off guard it seems as though Lloyds may not have the deal all its own way with rumours of counter offers and other interested parties. Lloyds TSB has itself been a bid favourite of the City for a number of years and this may be a pre-emptive strike to ward off any would be suitors. Whether the move works or actually flushes out any potential bidders for Lloyds TSB remains to be seen.

At a time when most in the banking sector are looking to retain as much capital as possible it is interesting to see one of the UK’s major banks looking to the future. Even though the deal is far from done, there does seem to be something of a mind change going on in the corridors of Lloyds TSB.

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