NBNK makes revised bid for Lloyds branches

The sale of the branches, known as Project Verde, was enforced so the bank would comply with European Union rules on state aid. A deal was struck with Co-op last year but never concluded. NBNK made a follow up offer this morning. In a statement to the market, it said the updated proposal offers an "alternative demerger structure" to Lloyds - giving its shareholders, including 41% held by the UK government, the option of getting cash directly and/or receiving shares in what would be the country's only "major, listed organisation solely dedicated to retail and SME banking". NBNK chai...