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Lloyds ups PPI provisions to 1.2-1.8 billion sterling, suspends buyback

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By Reuters
Lloyds ups PPI provisions to 1.2-1.8 billion sterling, suspends buyback
FILE PHOTO: A sign hangs outside a Lloyds Bank branch in London, Britain, February 21, 2017. REUTERS/Toby Melville   -   Copyright  Toby Melville(Reuters)

LONDON (Reuters) – Lloyds Banking Group <LLOY.L> will make extra provisions for payment protection insurance (PPI) claims of 1.2 to 1.8 billion pounds in its third quarter results and will suspend the rest of its 2019 buyback programme, it said on Monday.

Banks are setting aside more provisions for PPI following a rush of claims against mis-selling of the insurance ahead of the deadline on Aug 29.

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)