Prince Andrew Accused of Leaking Sensitive Lloyds Bank Information
Emails obtained by The Mail on Sunday have exposed how Prince Andrew, the disgraced former Duke of York, allegedly passed highly sensitive information about the sell-off of hundreds of Lloyds branches. This occurred after the bank was bailed out using £20 billion of taxpayers' money, raising serious questions about misconduct in public office.
Palace Meeting and Immediate Leak
According to the leaked correspondence, Andrew held an official meeting with Antonio Horta-Osorio, the incoming chief executive of Lloyds Bank, at Buckingham Palace on February 28, 2011. The meeting was part of his role as the UK's taxpayer-funded trade envoy. Astonishingly, just hours later, Andrew sent a message to his banker friend, Jonathan Rowland, outlining crucial details he had gleaned.
In the email, Andrew wrote: "I'm sure you know but I saw the now CEO of Lloyds yesterday and today they announced their intention to sell their 620 branches." He added that Lord Levene was leading the bid but that other competitors like BNP Paribas and BBVA were expected, and he requested a 5 per cent stake for "ME," though it remains unclear what this reference means.
Political Outcry and Calls for Investigation
Former Business Secretary Sir Vince Cable has described the incident as "totally improper" and stated that it "reeks" of conflicts of interest. He emphasized that if a minister or senior civil servant had engaged in such behavior, they would have faced severe consequences. Cable has urged that this be investigated as part of an ongoing police probe into allegations of misconduct in public office involving Andrew.
City expert Ian Fraser, author of a book on the financial crisis, accused Andrew of feeding "insider information" to associates, branding him "completely unscrupulous." He highlighted that Andrew shared confidential details from a taxpayer-owned bank within hours of the meeting, potentially allowing others to profit.
Background and Wider Implications
The sell-off, dubbed Project Verde, involved over 600 branches and was one of the largest deals in British banking at the time. It was a condition imposed by the European Commission following Lloyds' £20.3 billion bailout. The revelation is part of a larger cache of emails detailing how Andrew allowed controversial tycoon David Rowland and his son Jonathan to participate in his official duties.
- David Rowland, an 80-year-old property tycoon and former Tory Treasurer, was described by Andrew as his "trusted money man."
- Jonathan Rowland, who served as chief executive of Banque Havilland, referred to Andrew as "our Duke" in emails.
- This incident follows previous reports where Andrew allegedly sent confidential Treasury briefings on Iceland's economic crisis to Jonathan in 2010.
Further Revelations and Lack of Comment
Additional emails show that in 2009, Andrew shared his trade envoy itinerary for Montenegro with David Rowland, indicating close collaboration. The Rowlands expressed frustration at being sidelined by the Foreign Office, suggesting they sought to leverage Andrew's influence for investment opportunities.
Neither Andrew nor the Rowlands responded to requests for comment. Antonio Horta-Osorio declined to comment, while Lord Levene stated he had no recollection of Andrew's involvement in the Lloyds sale process. Ultimately, the Co-operative Group was initially selected as the preferred bidder in 2011, but the deal collapsed by 2013.
This scandal adds to mounting pressure on Andrew, who was arrested last month over suspicions of misconduct in public office, with previous reports also alleging he shared sensitive information about Royal Bank of Scotland.
