LONDON: Lloyds Banking Group will set aside up to an extra 1.8 billion pounds to settle mis-selling claims in Britain's costliest consumer banking scandal, and said it was suspending its 2019 share buyback program.
The PPI saga has already cost lenders more than 36 billion pounds in payouts, with analysts estimating the final bill could top 50 billion pounds. As Britain's biggest domestic lender, Lloyds has been the most exposed to PPI and has already paid out more than 20 billion pounds.Lloyds said on Monday it had received 600,0000-800,000 requests for information about PPI in August, well above its expectations of around 190,000.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: