Co_op Lloyds GBP750m Bank Branch Deal
Published / Last Updated on 18/07/2012
Co-op Lloyds £750m Bank Branch Deal.
Lloyds Banking Group has negotiated with the co-op to sell 632 of its branches around the UK which may possibly make a new contender in the banking sector. Just under 5 million Lloyds customers will now bank under the co-op meaning that straight away the co-op will gain 7% of the banking market.
The total cost of the buy-out is going to be £750m with £350m paid straight away and £400m depending on how well the combined business performs. These extra 632 branches will bring the total number of co-op branches to over 1,000 around the UK.