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Co-Op wins Lloyds branches

Co-Op has been named the preferred bidder for Lloyds' branch assets.

15 December 2011

Sales negotiations appear to have been successful for the Co-Operative Banking Group, as it has been named the preferred bidder in bidding for branch assets of the Lloyds Banking Group.

European competition rules have forced Lloyds to sell 632 of its outlets.

Chief executive of the Co-Op Peter Marks claimed the bid for the assets remains non-binding and will only be followed through if an agreement can be reached with members and stakeholders.

Mr Marks added he is looking forward to continuing business negotiations with Lloyds in order to reach a finalised agreement.

"We think a combination of these branches and our own would significantly strengthen our position as a real challenger in relationship banking in the UK," he remarked.

Another high street bank saw a change of hands recently, as Virgin Money acquired the assets of Northern Rock from the government in a deal valued at around £747 million.

Posted by Edel Quinn

Sources: Co-Op Bank press release, Which? press release, December 14th

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