Co-op front runner for Lloyds branches
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Lloyds Banking Group has revealed that its preferred option for its 630 retail branches is to sell them to The Co-operative Group.
Lloyds group says having further reviewed the formal offers for its EC mandated retail and commercial business divestment the preferred option is a direct sale and the preferred bidder for the business is The Co-operative Group.
New banking venture NBNK was also in the running for the assets.
Lloyds group says it will now progress more detailed exclusive discussions with The Co-operative Group, with the aim of agreeing heads of terms by the end of Q1 2012.
Tim Tookey, interim group chief executive and group finance director, says: “We are pleased to be reporting progress with the Verde divestment which continues to move forward in line with our expectations. I am confident that we will complete the transaction by the end of November 2013, in line with the EC mandated timescale.”
The assets include 4.6% of personal current accounts and 5% of the mortgage market.
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