Lloyds could float Verde branches as sale hopes fade - reports

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Male-dominated image still deters women from financial planning

Male-dominated image still deters women from financial planning

Women’s Wealth Alliance report calls for CPD framework to close gender gap

Sahar Nazir
clock 11 November 2025 • 2 min read
Evelyn Partners exits employee benefits arm to 'refocus on wealth management'

Evelyn Partners exits employee benefits arm to 'refocus on wealth management'

Howden to acquire Evelyn Partners Financial Services

Sahar Nazir
clock 11 November 2025 • 3 min read
Autumn Budget 2025: HNW clients rush to use tax allowances ahead of Budget

Autumn Budget 2025: HNW clients rush to use tax allowances ahead of Budget

‘We urge the chancellor to leave pensions alone’

Professional Adviser
clock 11 November 2025 • 1 min read