View more on these topics

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.”

Recommended

1

Phoenix chairman Ron Sandler set to retire

Phoenix Group chairman Ron Sandler is leaving the closed life assurance fund company later this year after announcing plans to retire. Sandler, who has been chairman of Phoenix since September 2009, will step down from the FTSE 250 company once a replacement has been found and a subsequent handover period. Phoenix Group has lost a […]

1

Spreadbetting firm placed in special administration by FSA

FSA has placed spreadbetting firm Worldspreads into special administration, the third firm to be targeted under the new powers. Trading in Worldspreads’ parent was suspended by the Alternative Investment Market last week, pending an announcement, which revealed accounting irregularities. The regulator claims the accounting irregularities made it unable to continue in business. KPMG’s Jane Moriarty […]

James Hay parent IFG appoints Robin Phipps as non-exec director

James Hay parent company IFG has appointed Robin Phipps to the board of the company as a non-executive director. Phipps is currently a non-executive director at Friends Life and Partnership. He was previously group director at Legal & General and a non-executive director at GE Money Credit Cards. IFG chairman Joe Moran says: “Robin brings […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment