Whats next for Lloyds TSB?
Lloyds claimed not to be downhearted by the merger veto, insisting it would continue to pursue a growth strategy. But if it still hopes for acquisitions, it will probably have to look overseas. And the key market here is going to be Europe, where a number of countries are currently opening their financial services markets to overseas competition. The three other big UK banks will also have to look overseas for merger opportunities. But Lloyds is in a worse position than its rivals to make it in the outside world: unlike HSBC, Barclays and Royal Bank of Scotland, it has no experience in the international market. Instead, concentration on the UK high street has been the secret of its success over the last few years. What’s next for Abbey National? Minutes after the merger was blocked, Abbey National put out a statement saying it would pursue an “aggressive” growth strategy. There have been persistent rumours that Abbey itself may launch a bid for a rival bank, possibly even targeting Ban
