Belfast Telegraph

Wednesday 26 November 2014

Lloyds to be quizzed over Co-op

Lloyds Banking Group bosses are to be grilled by MPs over the collapse of the lender's deal to sell more than 630 branches to The Co-operative Bank.

Chief executive Antonio Horta-Osorio and chairman Sir Win Bischoff have been summoned to appear before the Treasury Select Committee next week as part of an inquiry into the failure of the deal thought to be worth £750m.

Co-op pulled out of the branch takeover in April over fears about its banking arm's balance sheet.

The deal would have transformed Co-op Bank, creating a lender with almost 1,000 branches and 11 million customers.

Lloyds, which has to divest the branches as an EU condition of state aid, will instead float the branches on the stock market under the TSB Bank brand.

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