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Exclusive: Lloyds Banking Group to locate third EU subsidiary in Luxembourg - source [Reuters (UK)]

LLOYDS BANKING GROUP (LYG)  More Company Research Source: Reuters
US:NYSE Investor Relations: lloydsbankinggroup.com/investors
PDF Exclusive: Lloyds Banking Group to locate third EU subsidiary in Luxembourg - source | Reuters 4 Min Read LONDON (Reuters) - Lloyds Bank ( LLOY.L ) is looking to set up a third European Union subsidiary in Luxembourg to serve longstanding life insurance customers after Britain quits the bloc, a source told Reuters, in its latest overhaul aimed at Brexit-proofing its business. The UK’s largest mortgage lender is seeking a license in Luxembourg to ensure continuity of service for customers based in the EU, the source familiar with the matter said. Initial discussions with regulators in Luxembourg - home to one of Europe’s most thriving insurance communities - have already taken place, with further talks planned over coming weeks, the source added. Lloyds declined to comment. If its application is successful, Lloyds will have legal bases in Britain, Berlin, Frankfurt and the Duchy, underlining the scale of reorganization underway at UK-based banks as Brexit draws nearer. The bank has n [Read more]

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