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NBNK to bid about £1.5bn for Lloyds bank branches
NBNK, formed last year to build a new High Street banking presence, is to bid about £1.5bn for 632 Lloyds branches, the BBC understands. BBC business editor Robert Peston says that a formal bid for the outlets and £36bn of deposits will be made later on Wednesday. Lloyds is being forced to sell the branches by European Commission competition authorities. NBNK has received billions of pounds of backing from institutional investors. Two other potential bidders have been linked with the Lloyds disposal: a venture between...Read more on this story---> CLICK HERE
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Plans by the Co-op to take on the might of the High Street banking giants could be back on track after its ailing bid to snap up 632 Lloyds branches received a shot in the arm. The two companies are understood to have put a new proposal to the City regulator, which would see Lloyds continuing to run IT systems at the Project Verde branches. An interim management team at the branches – which Lloyds was forced to sell as a condition of taking state aid – would transfer with the business....Read more here
The fledgling bank said talks with Lloyds on the sale had "progressed positively" and that the regulator had confirmed it was satisfied with its plans should it be successful in acquiring the branches. The statement from NBNK on Friday comes after the bank in April submitted a fresh bid for the so-called Project Verde business being sold by Lloyds. The new offer came as it emerged that the Co-op, which was granted exclusivity in the race to buy the branches late last year, was struggling to get FSA approval to complete the deal. NBNK was founded by former Lloyd's of London chairman, Lord Levene, and is run by Gary Hoffman, the former chief executive of Northern Rock. In the statement NBNK said it had "answered a number of questions" from the FSA about its bid for the branches following its renewed offer for the business and that the regulator had confirmed it was happy with its responses....Read more here: NBNK gets approval to buy Lloyds branches - Telegraph
Lloyds Banking Group to press ahead with a sale of 632 branches to the Co-operative Bank after it rejected a rival offer from NBNK...Read more here: Lloyds agrees branch deal with Co-op