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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.


Barclays allows parents to back children’s loans

Barclays has launched a mortgage scheme that allows parents to include their income as part of their child’s affordability check. The family affordability plan, called Helpful Start, allows parents’ income to be taken into account without their names appearing on the property deeds. The scheme is available across the lender’s whole mortgage range, including its […]

Wales proposes 95% LTV loans scheme for new-build properties

The Welsh assembly is considering launching a 95% LTV mortgage scheme for new-build properties, similar to those available in England and Scotland. Housing policy is a devolved area. England launched its NewBuy scheme in March while Scotland launched MI New Home in June. In its Homes for Wales consultation white paper, the devolved government proposes […]

WSB Awards announces Johnson Fleming as 2016 finalists

Johnson Fleming has been announced as a finalist in two categories at the Workplace Savings and Benefits Awards: Employee Benefit Consultant of the Year and Financial Education Provider of the Year. The awards recognise the best providers, based on their ability to help employers and their employees in their provision of employee benefits and workplace pensions. Caroline Hope, marketing manager for […]