Lloyds Banking (LYG) is closing its invoice financing service for small business customers by the end of this year, the Financial Times reported Sunday, citing two people familiar with the matter.
The service, under which banks buy small businesses' unpaid invoices in return for the right to receive payments from customers, is being offered by fewer and fewer UK banks, the report said.
Lloyds did not immediately reply to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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