Lloyds Banking Group has agreed to the terms
of sale of its 623 branches – also known as Project Verde – to The
Co-operative Bank (Co-op), UK.
The Verde business
has 632 branches across the UK, representing 6% of the UK branch
network, with approximately 5m customers. With the combination of
the Co-op business, it will amount to approximately 7% of UK
current accounts.
Go deeper with GlobalData
According to Lloyds, the proposed transaction
of the 623 branches would be based upon a “revised smaller business
perimeter, which has no funding gap in terms of assets and
liabilities, and is likely, in terms of scale, to have equity
capital of £1.5bn supporting it”.
Lloyds said in a statement that NBNK
Investments has been informed about the announcement
and the lender appreciates NBNK’s “interest in
the Verde business” .
The final stages of the Project Verde
transaction is subject to agreeing satisfactory documentation, the
approval of the respective boards of Lloyds and Co-op, and further
discussions with the FSA, HMT and the European Commission.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
