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Lloyds announces Project Verde operational centres

Lloyds Banking Group has announced the operational centres that will form part of its European Union mandated branch sell-off.

The EU told Lloyds it had to sell around 632 of its branches, known as project Verde, which accounts for 19 per cent of its total mortgage book of £341bn, following the Government’s bailout of the bank in the aftermath of the 2008 financial crisis.

As part of the sale, LBG has today announced five additional sites, which will provide telephony, banking operations and mortgage centre support to the Verde business.

The sites are based in Gloucester, Livingston, Birmingham, Sunderland and Swansea. Around 1,400 employees in these sites will become part of the Verde business, joining around 5,000 branch staff. The bank is also recruiting for around 500 new roles for the Verde business.

LBG says it remains on track to complete the transfer before the end of 2013 and its preferred bidder is still the Co-operative Group.

Group director of the retail division Alison Brittain says: “This represents the next step in building the Verde business following last year’s branch network and management team announcement, and marks a significant milestone in building a fully operational challenger bank.”

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