View more on these topics

Lloyds and Co-op propose hybrid deal over branch sale

Lloyds Banking Group and The Co-operative Bank have presented a hybrid proposal to the FSA which would allow the Co-op to acquire the 632 branches being sold off by Lloyds.

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.

The Sunday Telegraph has reported that under the latest proposal the Co-op would acquire the branches but the branch network would be managed by Verde’s interim management team, led by Paul Pester.

The Verde branches would continue to run off Lloyds’ technology platforms, a part of the proposal aimed at tackling FSA concerns about Co-op’s governance and systems expertise.

Last month Lloyds ended its exclusive talks with Co-op to sell the 632 branches, to open the way for NBNK Investments to make a revised bid.

However Lloyds said at the time Co-op was still its preferred bidder for the branches.

Recommended

James Chidgey to lead new-build team

James Chidgey, senior manager of corporate accounts at Nationwide, is moving jobs to lead the building society’s new-build proposition from July 1. Chidgey has spent more than 20 years managing the development of Nationwide’s intermediary distribution. He will now move to the new-build sector and work with builders and specialist brokers. Nigel Stockton, financial services […]

NewBuy gets a fillip as Santander joins scheme

Santander has launched a range of 95% LTV products through the government’s NewBuy Guarantee scheme. All products come with a free standard mortgage valuation plus £250 cashback on completion. The range includes three and five-year fixes at 5.49% and a seven-year fix at 5.99% – all with a £99 fee. The bank will only offer […]

Newsletter

News and expert analysis straight to your inbox

Sign up