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24/04/2013
Co-op Bank Purchase Falls Through
A Llyods Banking Group sale of 632 bank branches to the Co-op group has fallen through.
It had been hoped that by buying the branches the Co-op would create a bigger competitor to the main high street banks.
However, the continued economic downturn and tougher regulatory environment imposed on banks has been blamed for the collapse of the sale.
It is understood that Lloyds will now seek to sell the branches as a stand-alone bank through a stock market listing.
A statement issued by Lloyds read: "The Co-operative Group's board has decided that they can no longer proceed with a purchase of the Verde business given their view of the impact of the current economic environment, the worsened outlook for economic growth and the increasing regulatory requirements on the financial services sector in general."
The branches will now be branded as TSB Bank, to operate as a separate business within Lloyds ahead of a sale.
The sales of the branches, known as Project Verde, was demanded by European regulators as the price for being bailed out by the UK government during the financial crisis.
(H/CD)
It had been hoped that by buying the branches the Co-op would create a bigger competitor to the main high street banks.
However, the continued economic downturn and tougher regulatory environment imposed on banks has been blamed for the collapse of the sale.
It is understood that Lloyds will now seek to sell the branches as a stand-alone bank through a stock market listing.
A statement issued by Lloyds read: "The Co-operative Group's board has decided that they can no longer proceed with a purchase of the Verde business given their view of the impact of the current economic environment, the worsened outlook for economic growth and the increasing regulatory requirements on the financial services sector in general."
The branches will now be branded as TSB Bank, to operate as a separate business within Lloyds ahead of a sale.
The sales of the branches, known as Project Verde, was demanded by European regulators as the price for being bailed out by the UK government during the financial crisis.
(H/CD)
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Terms have been agreed for the Co-op to buy 632 branches of Lloyds TSB and Cheltenham and Gloucester. The Co-operative Group will pay Lloyds Banking Group £350m upfront and up to an additional £400m based on the performance of the combined business. European regulators demanded the sale after Lloyds bought HBOS during the financial crisis.
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