The UK’s largest retail
bank, Lloyds Banking Group, is expected to close a deal for the 633
branches it is selling – one in five of its entire network –
by the end of August.
The European Union had
ordered Lloyds to dispose of the branches by November 2013 in
return for receiving a taxpayer funded bailout of up to £20bn in
2018.
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In addition to the
branch sale, Lloyds is also disposing of the online
banking unit Intelligent Finance and the TSB brand.
If sold in one block,
the sale comprising 283 Lloyds TSB branches in England
and Wales, 185 Lloyds outlets in Scotland and 165 Cheltenham &
Gloucester branded branches, would form the seventh-largest UK bank
by branches.
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