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Lloyds confirms two bidders for branches

Lloyds Banking Group has decided to continue talks with two of the three bidders over the sale of 630 of its branches.

In a statement this morning, the bank said that it was also continuing to work on an Initial Public Offering as a potential alternative to a direct sale.

Sky reported yesterday that the two bidders that will continue talks with Lloyds over its Verde business are Co-operative Group and NBNK Investments. Lloyds is looking to identify a preferred bidder by the end of the year.

Interim Group Chief Executive and Group Finance Director Tim Tookey says: “We are very pleased with the level of interest and detail of the offers that have been made. We will now move quickly in parallel talks with each bidder.”

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