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, C...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
