View more on these topics

Co-op board to meet amid Lloyds deal concerns

The Co-operative Group is set to hold a crunch meeting this week amid concerns it may pull out of a £1.5bn deal to acquire 632 Lloyds branches.

According to The Sunday Telegraph, the meeting will include an update from the mutual’s chief executive Peter Marks about the progress of talks with Lloyds and the FSA.

Co-op won the battle to acquire Lloyds “Project Verde” business last year. In March, Lloyds gave Co-op a further three months of exclusivity talks in which to conclude the deal.

The Co-op meeting is likely to include an update on FSA demands a structure is put in place which ensures the entire Co-op business falls under the regulator’s scope and not its banking arm alone.

The Sunday Telegraph reports that a source close to Co-op also said the FSA has made it clear its concerns are focused on the complex structure of the group and may call for the Co-op to hold an additional £3bn of capital at group level. The paper reports the regulator is also believed to have said that for the deal is to continue the chief executive of the Co-op would need considerable experience of banking, something Marks does not have.

Last week, NBNK re-entered the race for the  632 Lloyds branches. The offer from NBNK would see shareholders given the choice of cash or shares in what it describes would be “the UK’s only major, listed organisation solely dedicated to retail and SME banking”.


MPs call on Govt to look into effect of QE on savers

The Treasury select committee is calling on the Government to examine whether it should offer help to pensioners and other savers who may have been penalised by the Bank of England’s £325bn quantitative easing programme. According to The Daily Mail, a report published by the TSC today will call on the Government to look at […]

Axa Wealth appoints head of business development

Axa Wealth has appointed David Stratton as head of business development. Stratton was appointed to the newly-created role on April 1 and will join the Axa Wealth management team. He was previously regional sales manager for the midlands. Axa says Stratton’s role will be to lead the new business development function which is looking to […]

Defining factors

With the mortgage market review consultation period now over, the horse-trading between the intermediary representatives and the lending community now begins in earnest. The heart of the discussion will clearly be over advised sales and what can be interpreted as execution-only, especially in the call-centres and non-client-facing operations of the mortgage lenders. I recently read […]

Two men jailed for mortgage fraud

Two Slough men have been jailed for a total of twelve and a half years after being found guilty of multiple mortgage frauds. Tahir Malik, aged 44, from Wexham Road, and Patrick Kamande, aged 34, from Trent Road, were sentenced to six and a half years and six years respectively at Reading Crown Court on […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Presumably the same applies to Virgin then?

    What on earth is the FSA up to? They already regulate the Co-op Bank. This is just a few hundred extra shops.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm