British bank Lloyds (LLOY.L) said a "prescriptive" proposal for it to sell more branches could delay its planned quick sale of 600 branches and the arrival of a new competitor in the market. Part-nationalised Lloyds was told it may need to sell hundreds more branches by a powerful UK banking panel, which said its existing sale plan would not significantly boost competition. Lloyds was the big loser in far-reaching proposals laid out by the Independent Commission on Banking (ICB) on Monday, aimed at reducing risk and improving competition in UK banking. [ID:nLDE7371AX] "This option (more branch sales) appears to be based on limited evidence and may paradoxically potentially delay a new competitor coming into the UK market," said new Lloyds Chief Executive Antonio Horta-Osorio.
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