Lloyds agrees to deal for Co-op purchase of 632 branches

The sale was demanded by European regulators after Lloyds bought HBOS during the financial crisis and will affect the TSB and Cheltenham & Gloucester brands. Upon completion, the Co-operative Group will have around 1,000 branches and 4.8m customers. It will pay an initial consideration of £350m, and up to an additional £400m in present value, equivalent to around £800 million on a nominal basis, based on the performance of the Co-operative's combined banking business from completion up to 2027. The completion of the transaction is expected by the end of November 2013, although it w...