Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Lloyds Banking Group, Co-operative Group agree non-binding terms for sales of Lloyds branches

CP19458665
People pass a branch of Lloyds TSB on High Holborn in London, Thursday, July 19, 2012. Lloyds Banking Group said Thursday it has reached a preliminary agreement to sell 632 branches to the Co-operative Group. Lloyds was ordered to dispose of part of its branch network to comply with the European Commission\'s terms for receiving a government bailout. (AP Photo/Matt Dunham)

LONDON – Lloyds Banking Group says it has reached a preliminary agreement to sell 632 branches to the Co-operative Group.

Lloyds was ordered to dispose of part of its branch network to comply with the European Commission’s terms for receiving a government bailout.

Lloyds said Thursday that the non-binding ‘heads of agreement’ negotiated with the Co-op call for an initial payment of 350 million pounds ($548 million) for the branches, with additional payments taking the total to 750 million pounds.

The deal would secure Co-op’s position as a major player in the U.K. banking market, with 10 per cent of the branches.

Lloyds says it aims to complete the disposal by the end of November next year.

News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

Abbey Westbury

Related Articles