Lloyds Expands Its Birmingham Unit
News : UK financial services provider Lloyds Bank has expanded its Birmingham-based commercial banking operation, according to Insider Media. The expansion sees Richard Ford join the team, taking the position of business devel opment director. Ford brings 25 years of experience in the corporate banking sector to the role , having first joined the Lloyds team in 1989. Lloyds confirmed that it is seeking to boost lending to businesses active in the region.
BMI View: Although the UK economy is finally kick-starting back into the life, the banking sector remains a weak point in the recovery given the continued deleveraging, which is holding back credit supply. According to the latest data provided by the Bank of England, total bank assets contracted by 3.8% in August compared to the same month a year earlier. This marks further deterioration from the -2.7% y-o-y reading in July and 16 straight months of decline. This has been matched by a similarly dramatic fall in the total stock of loans to the economy.