Lloyds Banking Group has agreed terms of the deal to sell 632 branches to the Co-op after a long-running takeover battle, the Telegraph reports.
The branches, known as Project Verde, had to be sold off under European Union state aid rules following its 2008 government bail out. The branches are expected to be sold for between £1bn and £1.5bn. Rival bidder NBNK will now be wound up, the paper reported. The Verde business has about 5 million customers and represents 6% of all bank branches in the country.
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
