The future of Lloyds TSB Middle East hangs in the balance after the British lending giant announced it would slash costs and staff numbers across its international operations.
The bank's parent, Lloyds Banking Group based in London, is mulling the future of its international operations, which include a branch in Dubai with a staff of about 250.
Lloyds, which was forced into a merger with Halifax Bank of Scotland before being nationalised by the UK government during the bleakest weeks of the financial crisis in 2009, is closing operations in 15 of the countries where it does business and refocusing on its home market to save £1.5 billion (Dh8.82bn) over the next three years.
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