Lloyds edges closer to sale of branches to the Co-op
The group has until November 2013 to offload the so-called Project Verde estate as a result of a penalty imposed by the EU for accepting a taxpayer bailout.
Lloyds ended exclusive talks with preferred bidder the Co-op last month, potentially opening the door to NBNK, the banking venture led by Lord Levene and former Northern Rock boss Gary Hoffman.
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Hide AdReports yesterday claimed a plan now under consideration involved Verde’s interim management team transferring with the business to run the Co-op’s enlarged banking unit.
A spokeswoman for Lloyds said only that the group continued to make progress in discussions with the Co-op.
The assets for sale comprise the 185 Lloyds TSB outlets in Scotland, 250 Lloyds branches in England and Wales, and 164 Cheltenham & Gloucester sites, as well as Intelligent Finance online banking.