NBNK confirms bid to buy Lloyds branches

Aaron Strutt Image

NBNK Investments has confirmed that is has made a bid to buy 632 Lloyds Banking Group branches.

Lloyds is being forced to sell the branches by the European Commission competition authorities.

It is thought that NBNK, who were co-founded by Lord Levene, chairman of insurer Lloyd's of London, has offered about £1.5bn to buy them. If the bid is successful, the bank could have a considerable presence on the high street.

Halifax, Cheltenham & Gloucester and Lloyds TSB outlets are included in the sale.

September 30, 2011

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