The Co-operative Bank has this morning announced that it is pulling out of a deal to buy 632 branches of the Lloyds Bank Group.
Announced on BBC’s Breakfast news earlier today, (Wednesday 24th April), the North West based bank said that the decision was based upon the fact that it is not in the best interest of their members.
The sale of the bank was originally ordered by the European Commission as a condition following the bail out by the UK government to Lloyds after risk of collapse but will not now go ahead. The Lloyds branches are now expected to be re-branded TSB Bank, an option that was always part of the original plan.
Peter Marks, Co-op Group Chief Executive, stated:
“After detailed and thorough consideration of all aspects of the transaction, we have decided it is not in the best interests of our members to proceed.
“Having worked closely and constructively with Lloyds, we are naturally disappointed to have reached this conclusion”.