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Lloyds and Co-op propose hybrid deal over branch sale

Lloyds Banking Group and The Co-operative Bank have presented a hybrid proposal to the FSA which would allow the Co-op to acquire the 632 branches being sold off by Lloyds.

Lloyds’ branch disposal, named by the bank as ‘Project Verde’, is a requirement by the European Commission as part of Lloyds receiving state aid in 2008.

The Sunday Telegraph has reported that under the latest proposal the Co-op would acquire the branches but the branch network would be managed by Verde’s interim management team, led by Paul Pester.

The Verde branches would continue to run off Lloyds’ technology platforms, a part of the proposal aimed at tackling FSA concerns about Co-op’s governance and systems expertise.

Last month Lloyds ended its exclusive talks with Co-op to sell the 632 branches, to open the way for NBNK Investments to make a revised bid.

However Lloyds said at the time Co-op was still its preferred bidder for the branches.


Former Close executives set up investment manager

Three former Close Asset Management senior executives have set up investment management business TIME Investments. TIME will launch with two funds, the freehold income trust and the capital trading companies, with further products to be added later this year.

 The property and tax planning investment manager business is owned by real estate investment specialist Alpha […]


Labour demands answers over costs of new regulator’s HQ

Shadow Treasury financial secretary Chris Leslie is pressing the Government to reveal the cost of the Prudential Regulation Authority’s new headquarters in Moorgate. Last month, the Bank of England announced it has signed a contract for 20 Moorgate until 2027. The Bank said it will be more expensive to move from the FSA’s Canary Wharf […]

Matthews and Regan in running as Moss departs

Aviva executive director of developed markets Trevor Matthews and chief financial officer Pat Regan have emerged as potential candidates to replace group chief executive Andrew Moss. Moss quit this week after almost five years in the role after shareholders voted against the executive pay report at the AGM last month. He will leave the firm […]

Sesame integrates Iress system with Avelo

Sesame Bankhall has integrated its portal of choice, Avelo, with its new Iress-powered practice management system. Australian technology provider Iress’s software programme, Xplan, provides front, middle and back-office support. Sesame first announced the agreement with Avelo in November. Sesame says the integration of Xplan with the Avelo Exchange Portal will help streamline the process advisers […]


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