Wednesday, 27 June 2012

Lloyds closer to Co-op sale

Lloyds Banking Group says it now has an "understanding" with the Co-op to sell it 632 Lloyds TSB and Cheltenham & Gloucester branches.

The sale was demanded by the European Commission after mergers and government support during the financial crisis gave Lloyd's excessive power in its market.

The Co-op had lost exclusive negotiating rights after doubts emerged about its ability to absorb the branches as part of Co-operative Bank.

Now the talks will resume on an exclusive basis as the two parties draw up a sale agreement and seek approval from regulators.

The sale, codenamed Project Verde, would hand the Co-op 5 million customers and a 7% share of UK current accounts.

Meanwhile, a rival bidder, NBNK, confirmed that it had made a revised offer for the Lloyds branches.

Look here to see how you'll be affected and here to see if your branch is to be transferred.

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