TIGA, the trade association representing the
UK games industry, has welcomed news that Lloyds Banking Group is close to
disposing of the branches it needs to sell.
The association says the move, which is
necessary in order to meet European Union state aid rules, will create greater
fluidity in the banking system and free up resources.
The EU regards the taxpayer loans handed to
Lloyds as part of its bailout as state aid and by selling 630 branches, most likely
to the Co-Operative Group.
The new move avoids a float of the branches
which would have created uncertainty within Lloyds and it also extends the
reach of The Co-Operative Group.
Dr Richard Wilson, CEO of TIGA, said:
“The UK banking sector is relatively concentrated. Lloyds' disposal
of branches will begin to reduce this concentration, but much more
needs to be done to promote competition and choice in banking in the
UK. Many small and medium-sized enterprises have difficulty raising capital.
More competition in banking could ameliorate this problem.”
Notes to editors:
About TIGA:
TIGA is the trade association representing the UK’s games industry. The
majority of our members are either independent games developers or in-house
publisher owned developers. We also have games publishers, outsourcing
companies, technology businesses and universities amongst our membership. TIGA won 10 business awards and was
nominated a finalist for 9 other awards during 2010 and 2011. In 2010 TIGA won two business awards including
‘Trade Association of the Year’ from the Trade Association Forum. In 2011, TIGA
won eight business awards including ‘Trade Association of the Year’ from the
Trade Association Forum, ‘Outstanding Organisation’ from the Chartered
Management Institute and two Global Business Excellence Awards, including
‘Outstanding Marketing Campaign’.
Richard Wilson won the ‘Leadership Award’ from the Trade Association
Forum and the ‘Outstanding Leader’ award from the Chartered Management
Institute. TIGA is an Investors in People organisation.
TIGA's vision is to make the UK
the best place in the world to do games business. We focus on three sets
of activities: political representation, generating media coverage and
developing services that enhance the competitiveness of our members. This
means that TIGA members are effectively represented in the corridors of power,
their voice is heard in the media and they receive benefits that make a
material difference to their businesses, including a reduction in costs and
improved commercial opportunities.
For further
information, please contact Dr Richard Wilson, TIGA CEO on: 07875 939 643, or
email richard.wilson@tiga.org.