July 6, 2013 3:52 PM
Former Standard Chartered chief executive Mervyn Davies is forming a consortium of sovereign wealth funds and financial institutions to buy as much as half of Britain's 20 billion pound ($29.77 billion) stake in Lloyds Banking Group , Sky News reported. Davies approached Britain's Treasury several months ago about his plan to buy as much as half of the British taxpayer's 39 percent share in Lloyds, Sky said on Saturday citing insiders. U.S. Germany's Deutsche Bank will not need to transfer capital holdings to its U.S. subsidiary to meet the U.S.'s stricter regulatory requirements. CFO Stefan Krause was quoted as saying. "Because of the Americans' definition of capital, we can use supplementary capital to fulfill these requirements," ECB policymaker Christian Noyer said the European Central Bank's decision to break with precedent by declaring it would keep interest rates at record lows for an extended period is fully in line with its mandate.