Caroline Binham and Emma Dunkley
Regulators at the Bank of England are quietly getting ready to authorise the creation of the three largest banks to come into existence in Britain.
According to the BoE’s Prudential Regulation Authority, the legal entities of HSBC, Barclays and Lloyds Banking Group will mark the biggest creation of banks measured by assets, as they crystallise their “ring-fencing” plans and meet the regulator’s 2019 deadline to split their “core” retail services, such as deposit-taking, from their riskier investment banking units.
The idea is to prevent taxpayer bailouts of “too big to fail” banks that risk customer deposits when bets by their investment banking units go…
Read the full article at: http://www.afr.com/business/banking-and-finance/regulators-get-ready-to-authorise-ringfenced-uk-banks-20170820-gy04oo