Lloyds Banking Group and the Co-operative are set to agree terms on the sale of 632 of the bank's branches after submitting a revised proposal to the Financial Services Authority (FSA).
The Sunday Telegraph reports the plan would see the mutual buy the 'Project Verde' branches - which are up for sale due to Lloyds receiving state aid - through a "quasi-reverse takeover process of the Co-op Bank". The report said Verde's interim management team, headed by Paul Pester, would transfer with the business and run the Co-op's bigger banking operation. However, it added the branches would not be removed from Lloyd's technology platform, and would still use its "operational capabilities". The report added the plan is intended to answer FSA questions over the management capabiliti...
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