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Lloyds on verge of selling 630 branches
Markets
by Daniel Grote on Jun 27, 2012 at 08:00
Lloyds Banking Group is closing in on a deal to sell 630 branches to the Co-operative Group, according to the Financial Times.
It said the 'broad commercial terms' of the deal could be announced today, it said, according to one person familiar with the negotiations.
'The prospects have definitely advanced significantly in the past few days and the likelihood of a deal is probably 70-30 now versus 50-50 a week ago,' they said.
Co-op's bid for the branches has been beset with difficulties. It was announced as a preferred bidder in the spring, but a period of exclusive talks with the bank lapsed due to problems with the takeover.
Reports had suggested Lloyds was looking a float of the branches as a separate business as the likelihood of a takeover dwindled.
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