Baku, Fineko/abc.az. One of the major financial centers, London, changes or may change its "face" in the near future.

According to British media, opposition Labor Party’s leader David Miliband suggests to found a British investment bank to facilitate lending to small businesses.

The initiative will be part of his proposals to restructure the country’s banking system. Miliband considers it abnormal when the banking market of the country is formed by the five key banks. He believes that by forcing the leader five to sale of some hundreds of their branch offices, the country needs to create a minimum of seven banks to make the consumer to have choice.

The proposals were the result of an investigation of the LIBOR rate manipulation by banks for their own purposes. Miliband will announce the initiative already today.

The UK financial market is divided between banks Lloyds Banking Group, Barclays, HSBC Holdings, Santander and Royal Bank of Scotland.

09.07.2012 09:14