Co-op stays in hunt for Lloyds branches

THE Co-operative Group has confirmed that it has entered the second round of bidding for the 632 bank branches which Lloyds has been forced to sell off by the European Union.

The Co-operative is one of three organisations which has been linked with the potential purchase of the network, which is being sold under the Project Verde – alongside Richard Branson’s Virgin Money, National Australia Bank and NBNK, which has already submitted its second-round bid.

The Co-operative Group’s chief executive Peter Marks said: “We have a clear
strategy for driving The Co-operative Group forwards.

“As part of this, we remain interested in the Lloyds Banking Group’s branch assets as we believe this would support our moves to grow our relationship banking business in the UK.

“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.”