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The Co-operative Group has confirmed it will submit a second-round bid next week for the hundreds of branches being sold by Lloyds Banking Group. Lloyds is selling 632 branches and £36bn of deposits, after being ordered to by the European Commission following the bank's rescue by the UK government.
The government currently still holds a 41% stake in Lloyds. BBC business editor Robert Peston said so far Lloyds had received only one bid, of about £1.5bn, from NBNK. NBNK was co-founded by Lord Levene, chairman of insurer Lloyd's of London, in 2010 as a business set up to establish a UK retail bank.
The bid from the Co-op came in the same week as LLoyds chief executive Antonio Horta-Osorio decided to take a temporary leave of absence, to recover from...Read more here--> BBC News - Co-op confirms second-round bid for Lloyds branches
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The chief executive of the Co-operative Group says the deal to buy 632 branches from Lloyds Banking Group "may not go ahead". Co-op is in exclusive talks to buy the branches, which Lloyds has to sell for regulatory reasons. "There are significant economic and regulatory issues that we have to address and that's what we're working towards," Peter Marks told BBC News. He promised an update on the situation in the coming weeks. "Within the next few weeks we will complete our analysis and then we will tell the world whether we can do it," he said. "This is a steep change for us and it's a very complex transaction and one that we're going to take our time examining."....Read more here--: BBC News - Co-op deal to buy Lloyds branches
Co-op is back in frame to snap up 632 Lloyds branches
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