Co-op cools on bid for Lloyds’ branches

| March 30, 2012 | 0 Comments

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.

Tags: , , , preferred bidder

Category: Banking News, Co-Operative Bank News, Lloyds Banking Group News

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