The Co-Operative Group has been picked as preferred bidder for a portfolio of 632 bank branches being sold by Lloyds Banking Group as a result of European competition laws. The asking price for the package is estimated to be around £1.5 bn.
The Co-Operative Group has been picked as preferred bidder for a portfolio of 632 bank branches being sold by Lloyds Banking Group as a result of European competition laws. The asking price for the package is estimated to be around £1.5 bn.
Peter Marks, chief executive of The Co-operative Group, said: 'Clearly our bid for the assets is non-binding and we would only proceed if we could reach an agreement that was in the interests of our members and other stakeholders.'
Lloyds said it intends to have agreed heads of terms by the end of the first quarter of 2012. Following the deal The Co-Operative group would have nearly 1,000 branches.
