View more on these topics

Lloyds prepared to list 600 branches if bids fall short

Lloyds Banking Group says it could spin off some of over 600 of its branches and list them as a new British bank if an auction does not offer high enough bids.

The Daily Telegraph reports that the bank is operating  “dual-track” process but that a sale is still the most likely outcome.

A Lloyds spokesman says: “We will look for a buyer, and if we need to, the initial public offering option is there.”

European regulators have ordered Lloyds to sell the branches following the government bail-out it received in the financial crisis. According to the Telegraph, the disposal could create Britain’s seventh largest bank, worth more than £3bn.

Virgin Money, NBNK and Tesco are among those expected to bid  for the Lloyds branches which include LloydsTSB in Scotland, Cheltenham and Gloucester and over 250 other branches in England and Wales.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com