UK banks Lloyds TSB, and its bid target Abbey National could pay out more than £20m (€33m) in advisory fees even though Lloyds's £19bn move was blocked by the secretary of state for trade and industry.
Despite the lack of a success fee element, usually around two-thirds or more of an investment bank's mergers and acquisition fee, Lloyds said that it would pay out a figure in "the lowish millions" to its advisers. The bank declined to be more specific.
