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EC reconsidering TLAC/MREL integration: Concerns raised by lenders and member states in the EU prompted the European Commission to reconsider plans to align European and global regulations on writing down debt at troubled lenders, Reuters reports. The commission had said it intended to "tentatively further explore" an integrated approach to combining MREL and TLAC rules, but an EC official said that intention "is a starting point for a debate and all options remain open."
UK AND IRELAND
Clydesdale Bank demerger takes effect: National Australia Bank Ltd. said today that the demerger of Clydesdale Bank Plc is now effective. Clydesdale Bank's IPO is expected to proceed and was covered multiple times at 180 pence per share. National Australia Bank expects to announce the final pricing for the IPO tomorrow.
* Tullett Prebon Plc said today that the U.S. Department of Justice is seeking additional information and documentary material about the company's planned acquisition of ICAP Plc's global hybrid voice broking and information business. ICAP said it also received a request for information from the DOJ.
* Analysts at Barclays, Jefferies and Shore Capital tell The Daily Telegraph that Lloyds Banking Group Plc is expected to book £2 billion in provisions for payment protection insurance costs for the fourth quarter of 2015, up from the original estimates of £800 million.
* Prudential Plc said yesterday that Michael McLintock will retire as CEO of asset management unit M&G Investment Management Ltd. and as an executive director of Prudential. Aberdeen Asset Management Plc Chief Investment Officer Anne Richards will become CEO of M&G.
* UK Asset Resolution Ltd. shelved plans to sell its mortgage processing business, which services £30 billion of loans for former clients of Bradford & Bingley Plc, Northern Rock Asset Management and Mortgage Express, and will instead outsource the business to Computershare, The Daily Telegraph writes. The deal is expected to save the bad bank tens millions of pounds.
* Chinese investment group Legend Holdings joined the bidding process to acquire Pension Insurance Corp. Plc, according to Sky News.
* Barclays Plc is among a handful of bidders that submitted offers to acquire retail stockbroking company TD Direct Investing, according to Sky News. Although insiders told the news outlet that it is not certain that...