Co-op to buy 632 Lloyds bank branches

Aaron Strutt Image
The Co-operative Group will pay Lloyds up to £800m for the sale of 632 of its branches. The move will take the Co-op's total number of branches to almost 1,000. The Co-operative will pay an initial £350m for the business and up to £400m based on the performance of Co-operative's combined banking business until 2027. The deal is expected to be completed by the end of November 2013. About 4.8 million Lloyds customers will be transferred to the Co-op, giving them an approximate 7% share of the UK current account market share. Lloyds group chief executive Antonio Horta-Osorio, says: “We believe the Co-operative Group will be a good owner for our business, customers and colleagues, and the combined banking business will be a significant competitor on the high street.” July 20, 2012
Get Started

Get started today

Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.

Google Reviews
Trustpilot
Book a Consultation Talk to an Expert
As seen in
Sunday Times Telegraph Financial Times BBC News The Express The Times