The Co-operative Group confirms second round bid for Lloyds Banking Group

November 04, 2011

The Co-operative Group today confirms that it intends next week to submit a second round bid in the process currently being run for the sale of the Lloyds Banking Group branch assets. There can be no certainty that a transaction will be completed or the terms on which any transaction might be concluded. Further announcements will be made as appropriate.

Peter Marks, Group Chief Executive of The Co-operative Group, said: “We have a clear strategy for driving The Co-operative Group forwards. As part of this we remain interested in the Lloyds Banking Group’s branch assets as we believe this would support our moves to grow our relationship banking business in the UK. Our bid for the assets is non-binding and we would only proceed if we could reach an agreement that was in the interests of our members and other stakeholders.”

For further information contact:

Russ Brady
Patrick Tooher
The Co-operative Group
Tel: 0161 827 5856 / 0161 903 4187

Susanna Voyle
Lucy Legh
Tulchan Communications
Tel: 020 7353 4200