Lloyds deny plans to float 600 branches
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Lloyds Banking Group has denied reports it is aiming to float the chain of 600 branches it is forced to sell by EU regulators.
Reports in a Sunday newspaper suggested a new British bank worth between £3- £4bn would be created from the stores, making up 5% of the retail banking sector.
But a Lloyds spokesperson says: “The Group has until November 2013 to complete the divestment programme agreed with the EU. We are therefore only in the preliminary stages of this process. Our objective is to sell this business to a third party rather than to float it.”
Lloyds is being forced to sell hundreds of branches to satisfy EU regulators and compensate for state aid after it was rescued during the financial crisis. It is now 41% owned by the state.
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