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The 632 Lloyds branches must be sold under state aid rules set out by the EU. Lloyds Banking Group has just seven more working days if it is to meet its promise to update the City by the end of the first quarter of 2012 on talks about selling 632 of its branches to Co-operative Bank. In December, when the bank selected the Co-op as the preferred bidder for the branches, it said its aim was to "agree heads of terms by the end of Q1 2012". The branches must be sold under state aid rules set out by the EU and Lloyds has made clear that it is continuing to "progress" a potential stock market flotation in case the deal falls through. A continuation of the informal deadline for talks with the Co-op is likely to be needed to allow all the complex issues to be ironed out.
While the market awaits details of the sale, Lloyds raised £170m from shareholders today through an issue of new shares intended to raise cash to pay holders of certain types of its bonds. It is not exactly a large sum for a bank that received a £20bn bailout, but it does provide a small psychological boost for the management: on issuing the new shares, the bank has managed to dilute the Treasury's stake to below 40% to 39.75% – one way at least to reduce the taxpayer's stake in the bailed-out bank. Although at this rate, it would take 80 years to extricate the taxpayer completely........Read more here--: Time running out for Lloyds in branch sale
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Still nothing!!!!!!!!!!!
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