Co-op to buy 632 Lloyds bank branches

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