Co-op cools on bid for Lloyds’ branches
In announcing yesterday’s annual results, Co-operative Banking Group gave a cool review of its proposed purchase of the 632 branches to be sold off by Lloyds Banking Group.
Co-operative Bank has been granted preferred bidder status for the disposal and says the purchase forms part of its ambition to build stronger foundations in banking and ensure customers have a genuine alternative on the High Street.
However, the current bid is non-binding and with the outlook for the financial services industry “difficult” and likely to remain so, together with increasing regulatory requirements, the Co-op says its focus remains on ensuring continued financial resilience.
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