Lloyds faces £1.6bn bank break-up costs

In the wake of the collapse of a deal with the Co-operative to buy the branches, the group anticipates paying £200 to £300m to arrange an initial public offering in order to float the bank. Chief executive António Horta-Osório (pictured) told the Treasury Select Committee that under the deal the cost of separating the branches from the rest of the group would cost Lloyds £300m more than it would have cost the Co-op to purchase them. However, he attempted to quell questions about whether there was political pressure behind the Co-op deal by telling MPs: “I can assure you that the board...