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Lloyds set to cut asking price of Project Verde business

Lloyds Banking Group is set to cut the asking price for its Project Verde business.

According to The Telegraph, the bank has been looking to sell 632-branches for between £1.5bn and £2bn, but may be set to cut the price due to tough economic conditions.

The report says the Lloyds board is set to meet on Wednesday with an announcement on the sale to be made in the next 10 days.

Co-op remains the favoured bidder for the business, however it lost its exclusivity agreement with Lloyds last month. NBNK is also in talks with the firm. Lloyds has not ruled out a stock market flotation or a spin-off of the business to shareholders.

Lloyds’ branch disposal, named by the bank as ‘Project Verde’, is a requirement by the European Commission as part of Lloyds receiving state aid in 2008.

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