A new, standalone British bank under a revived TSB brand could be brought to market after Lloyds Banking Group struggles to complete the sale of its 632-branches known as 'Verde'.
The bank, which is 40% owned by the taxpayer, has to sell the branches to comply with rules on state aid. The Times reports the lender is thought to be leaning towards a floatation of the branches while retaining "the freedom for a last-minute trade sale if circumstances change". The Co-operative Group was in line to buy the branches, and triple its banking presence but its board members have expressed concerns about the complexity of the deal. Verde has about 5 million current account customers. The report said unless there is a breakthrough in the negotiations between Lloyds, Co-op a...
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