Lloyds Banking Group, the UK's largest retail bank, said it would not need to issue new shares or sell other securities to meet fresh regulatory capital requirements.

The FTSE 100 company, which was fined �10.5m in April for mis-selling to thousands of customers, also rejected calls to forgo any executive bonuses, instead cutting them by 40pc.

The rand gained, snapping its longest losing streak in a year, after inflation outpaced economist estimates in April, damping expectations of a central-bank interest rate cut this year.

Tax authorities from the UK, US and Australia are to join together to investigate tax evasion from some of the wealthiest people in the world after receiving huge amounts of data from a whistle-blower.

Nationwide has more than doubled its provisions on commercial real estate loans to almost �500m and warned of weak demand and declining property values.