Business Solicitors Ipswich – Co-operative Group reportedly pulls out of Lloyds deal

It has been reported that the Co-operative Group has pulled out of a deal, known as Project Verde’, to buy 632 branches from Lloyds Banking Group.

Chief executive, Peter Marks, is reported to have said ‘after detailed and thorough consideration of all aspects of the Verde transaction, we have decided, at this time, that it is not in the best interests of our members to proceed with the transaction’.

Lloyds have confirmed they will now seek to sell the branches as a stand alone bank through a stock market listing.  Lloyds have said the branches will be extricated from its own business this summer, and be branded as TSB Bank.

Lloyds Bank must sell or dispose of the branches by the end of November 2013 to meet the terms of the European competition ruling.  Lloyds’ chief executive, António Horta-Osório, is reported to have said ‘We are disappointed that the Co-operative Group is unable to complete this transaction’.

It is thought a number of the parties currently in competition to buy a 300 branch business being sold by Royal Bank of Scotland could possibly be interested in the Verde assets.

[Note: quotes taken from and]

Barker Gotelee, solicitors in Ipswich, offer a range of commercial services

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