Co-op nears discount Lloyds branch deal

Lloyds, 40% owned by the government, may instead receive £1bn for the branches over a number of years, but only if the business performed well, according to unnamed sources in the Financial Times. Under European rules outlined following Lloyds' bailing-out following the financial crisis in 2008, Lloyds is obliged to offload the branches. The Co-op's board is due to meet early next week to finalise and approve the deal, reported the FT. If approved, the move would give the Co-op 7% of the British current account market.