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Co-op seeks to shore up board before Lloyds bid

The Co-operative Banking Group is reportedly looking to revamp its board ahead of its bid for 630 branches of Lloyds Banking Group.

It is believed the Financial Services Authority has concerns about whether the board could handle the acquisition, which is expected to be agreed by the end of the month.

The board is chaired by Len Wardle, a university fellow, and Paul Flowers, a Methodist minister.

It is thought that the bank is looking to recruit more bankers to the board.

A spokesman for the group says: “As part of our due diligence process we are working with Lloyds group and the FSA on a range of issues, as you would expect in a deal of this significance. We are making good progress.”

Last week Mortgage Strategy reported that David Tweedy, director of Platform, the intermediary lender of The Co-operative Bank, had been placed on secondment.

He is thought to have been temporarily seconded to a role within the bank to help with its acquisition of Lloyds’ group branches. In his absence, Lee Gladwell, business development director at Platform, has assumed responsibility for the lender on an interim basis.

Last month The Co-operative Bank announced that it was placing 80 staff at Platform in consultation.


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