Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Lloyds Banking Group    LLOY   GB0008706128

LLOYDS BANKING GROUP (LLOY)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles
The feature you requested does not exist. However, we suggest the following feature:

Lloyds Banking : British lawmakers call for probe of Lloyds, KPMG over HBOS fraud

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/22/2018 | 01:06am CEST
FILE PHOTO: The KPMG logo pictured at the Viva Tech start-up and technology summit in Paris

(Reuters) - A group of British lawmakers on Thursday called for an investigation by law enforcement and regulatory agencies into the handling by Lloyds Banking Group of a fraud at its HBOS Reading unit more than a decade ago and into the role of auditor KPMG.

The call by the All Party Parliamentary Group (APPG) on Fair Business Banking comes after the publication online on Tuesday of an internal 2013 report alleging serious misconduct by the lender over the handling and disclosure of the fraud.

The lawmakers said allegations that HBOS had concealed the fraud, one of Britain's worst-ever banking scandals that saw six people jailed for a total of 47 years last year, should be subject to "full, forensic and expeditious investigations by regulators".

A Lloyds spokeswoman reiterated the bank's statement on Tuesday that the internal 2013 report had been provided to Britain's Financial Conduct Authority (FCA) and to the police in 2014.

KPMG did not immediately respond to requests for comment outside regular UK business hours.

The internal report published on Tuesday by Scottish businessman Neil Mitchell, a frequent critic of Britain's big banks, alleged that HBOS executives knew of the fraud as early as 2004 and failed to properly disclose it, with far-reaching implications given Lloyds' takeover of HBOS in 2009.

In its statement on Tuesday, Lloyds did not address the substance of the report's allegations that it misled investors over its financial health by not disclosing the fraud earlier.

Britain's financial watchdog is conducting a probe into HBOS and what its executives knew of the fraud, while a retired judge is probing whether Lloyds then properly investigated the incident after it brought HBOS in 2009.

The report, written in 2013 by a former manager at the bank after she had taken her concerns to the police, stated that Lloyds mishandled its investigation and disclosure of the fraud after it took over HBOS in 2009.

Lloyds said on Tuesday that the former manager began looking into the bank's handling of the fraud case on her own initiative, and was then asked to write the report when she alerted the bank's audit department.

The report said that if HBOS had properly disclosed the fraud in its 2007 annual report, the 4 billion pound 2008 rights issue that stabilized its financial position and its subsequent takeover by Lloyds would not have happened.

Lawmakers last week urged Lloyds to publish the report, which the bank had declined to do on the grounds it contained sensitive information about its customers. Neil Mitchell said publishing it was in the public interest.

The APPG also published the report on Thursday. It said it would press for a new investigation into KPMG's audit of HBOS in 2008, which it said "gave the bank a clean bill of health only two months before it hit financial difficulty."

(Reporting by Emma Rumney in London; Additional reporting by Ismail Shakil in Bengaluru; Editing by Nick Tattersall and Toni Reinhold)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LLOYDS BANKING GROUP
01:06aLLOYDS BANKING : British lawmakers call for probe of Lloyds, KPMG over HBOS frau..
RE
06/21LLOYDS BANKING : Victims of Lloyds and HBOS praise new report into Reading fraud..
AQ
06/21LLOYDS BANKING : Victims of Lloyds and HBOS praise new report into Reading fraud..
AQ
06/21LLOYDS BANKING : to cut 450 jobs
AQ
06/20LLOYDS BANKING : to Cut 195 Jobs in Focus on Digital Investment
DJ
06/20LLOYDS BANKING : Bank hires accountant to decide fate of branches
AQ
06/20LLOYDS BANKING : Under pressure over fraud report
AQ
06/19LLOYDS BANKING : Report claims Britain's Lloyds misled investors over HBOS fraud
RE
06/19LLOYDS BANKING : Brits book ahead to seek summer sun, but leave it to the last m..
PU
06/19LLOYDS BANKING : Peaky Blinder sausage launched
AQ
More news
News from SeekingAlpha
06/212 Banking Stocks To Buy Today 
06/14European banks slip as ECB plans end to bond-buying, maintains interest rates 
06/08Deutsche Bank, other overseas banks fall as world leaders gather for G-7 
06/07Lloyds Banking Group A Conviction Buy 
06/06I Like This Stock 
Financials ( GBP)
Sales 2018 18 555 M
EBIT 2018 8 765 M
Net income 2018 4 314 M
Debt 2018 -
Yield 2018 5,59%
P/E ratio 2018 10,23
P/E ratio 2019 8,87
Capi. / Sales 2018 2,39x
Capi. / Sales 2019 2,37x
Capitalization 44 291 M
Chart LLOYDS BANKING GROUP
Duration : Period :
Lloyds Banking Group Technical Analysis Chart | LLOY | GB0008706128 | 4-Traders
Technical analysis trends LLOYDS BANKING GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 0,77  GBP
Spread / Average Target 24%
EPS Revisions
Managers
NameTitle
António Mota De Sousa Horta-Osório Group Chief Executive Officer & Executive Director
Norman Roy Blackwell Chairman
Juan Calafat Colombás Chief Operating Officer & Executive Director
George Mark Culmer Chief Financial Officer & Executive Director
Anita Margaret Frew Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
LLOYDS BANKING GROUP-9.39%58 222
JP MORGAN CHASE & COMPANY0.56%366 184
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-8.23%303 817
BANK OF AMERICA-0.88%296 678
WELLS FARGO-10.20%268 398
CHINA CONSTRUCTION BANK CORPORATION-7.42%255 729