Lloyds Banking Group has spent much of the past year trying to work out how to deal with the hangover of its debt-fuelled buying binge at the peak of the credit boom.

The integrated finance business, set up by HBOS’s former corporate banking head Peter Cummings, has been most in the spotlight. Its assets, which include household name brands such as TM Lewin, have been tipped for a sell-off, and Lloyds appointed UBS in May to evaluate options.