Brief: Big UK banks negotiate cheque clearing merger - Telegraph

Brief: Big UK banks negotiate cheque clearing merger - Telegraph

UK banks Lloyds TSB and Barclays are in talks to merge their back office cheque clearing operations, according to a report in British broadsheet the Daily Telegraph.

The newspaper says the banks are planning to link up with computer outfit Unisys to create a new company, Intelligent Processing Solutions. The company could be in place by November, says the Telegraph, assuming the deal gets approval from the Office of Fair Trading.

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