Co-op to get Lloyds branches for a song

Lloyds Banking Group is close to offloading 632 of its branches at a bargain price to the Co-operative Group, according to newspaper reports.

Lloyds Banking Group is close to offloading 632 of its branches at a bargain price to the Co-operative Group, according to newspaper reports.

The Financial Times (FT) reports that hopes the part-nationalised lender would pocket around £1.5bn for the branches have gone up in smoke. According to the FT the eventual price tag will be no higher than £1bn, with a much-lower upfront fee which will be supplemented by additional payments from the Co-op if the sold business performs well enough to trigger them.

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