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Lloyds Banking Group Branch Sale Plan Rocked As Bidders Disappear

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The proposed £2.5bn sale of 632 Lloyds Banking Group branches has been thrown into doubt after it emerged that only two formal bids have been filed.

The lack of bidders has led advisers to consider plans to demerge the business and float what would become the UK's seventh largest bank.

The Sunday Telegraph can reveal that only two bidders – NBNK and Co-operative Financial Services – filed formal bids ahead of the first deadline for the Project Verde assets.

Of those, the Co-op's bid was described by one source as "lacklustre", while another source questioned its viability following the announced exit on Friday of Co-op's chief executive Neville Richardson.

As a result, bankers at Citigroup and JP Morgan are now actively assessing plans to demerge Verde into a separate listed entity, handing shareholders equity in a "rump bank".

Nice how the govt is paying to take advice from Citi!! I wonder what there fees are for this advice?

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Bailed-out Lloyds Banking Group should be forced to sell off more branches, and it should be easier for bank customers to move their accounts, according to a leading consumer group, which is urging Sir John Vickers to draw up radical recommendations in his review of the banking industry.

Peter Vicary-Smith, chief executive of Which?, said the independent commission on banking (ICB), which is chaired by Vickers, needed to be "brave" in its final report to the government on 12 September if another banking crisis is to be avoided.

Forced to sell off to whom?

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Forced to sell off to whom?

Developers who'll convert them to houses and flats? Or perhaps commercial and/or recreational properties?

If I were starting a new bank, I don't think I'd want the overhead of a whole dedicated branch network. Focus online, and provide local facilities through existing outlets. Like the building societies little corner in an estate agent's office. Or like the co-op has been doing for years, but with a little more focus on making it clear to everyone that it's there - perhaps with dedicated little corners in the shops.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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