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Co-op to submit second round bid for Lloyds branches

Co-operative Group, the parent company of The Co-operative Bank, is to submit a second round bid for the Lloyds Banking Group branches on sale.

In September, Co-operative Financial Services chairman Paul Flowers claimed the mutual was the only “credible” bidder for the Lloyds branches because of its already substantial branch network.

The European Commission is forcing Lloyds to sell 632 branches and 5 per cent of the banking market by November 31, 2013 as part of its state aid agreement.

Lloyds would not confirm who has submitted first round bids but it is thought American investments firm Sun Capital and NBNK, a shell vehicle set up by former Lloyd’s of London chairman Lord Levene, have submitted bids.

Virgin Money was also thought to be in the running for he branches but decided to concentrate its efforts on buying Northern Rock instead.

Last month, it emerged Lloyds is considering floating the branches as it is struggling to attract a strong enough bid for the portfolio.


Hornbuckle targeting Sipp investors with Vestra link-up

Pension firm Hornbuckle Mitchell has linked up with Vestra Wealth to offer Sipp investors access to the discretionary fund manager’s investment portfolio. It is based on Hornbuckle’s single investment Sipp model, with its product wrapped round a Vestra Wealth portfolio. Vestra will meet the £250-plus VAT annual Sipp admin charge for funds of £200,000 or […]

Vanguard hires new head of European retail sales

Vanguard has hired Neil Cowell as the head of retail sales from Standard Life to boost the distribution team, Money Marketing can reveal. Vanguard has promoted the current head of sales Nick Blake to head of retail and European product development. Neil Cowell, national sales manager from Standard Life, has joined on November 9 as […]


FSA fines Coutts £6.3m for misselling enhanced fund

The FSA has fined Coutts & Company £6.3m for a string of failings in connection with the sale of the AIG enhanced variable rate fund. Coutts has also agreed to carry out a costly past business review, overseen by an independent third party, in relation to all customers who remained invested at 15 September 2008. […]

Prudential launches four risk-managed portfolios for with-profits fund

Prudential has enhanced its risk-managed fund range with the launch of four funds with different equity contents. The four new funds are the Prudential PruFund 0-30 fund, Prudential PruFund 10-40 fund, Prudential PruFund 20-55 fund and Prudential PruFund 40-80 fund. The new funds enhance the current range which includes PruFund cautious and PruFund growth. The […]

Reforming India: just the beginning

By Kunal Desai, Neptune India Fund

As global investors continue to scour emerging markets through the lens of reform potential, India shines bright. Indeed, we think it can sparkle even brighter. We anticipate India’s self-imposed 10-year ‘policy holiday’ to turn into one of the most pro-growth and pro-investment policy calendars seen in Asia in years. The Indian electorate has engineered a historic verdict. We now have the strongest Indian government since 1984, with the pro-market Bharatiya Janata Party (BJP) achieving an absolute majority for the first time in the party’s history.


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