Bloomberg News

Lloyds Said to Seek About 2.5 Billion Pounds From Branch Sales

July 05, 2011

July 5 (Bloomberg) -- Lloyds Banking Group Plc, Britain’s biggest mortgage lender, is seeking about 2.5 billion pounds ($4 billion) for the 632 branches it’s selling to comply with a European Union ruling on taxpayer aid, two people familiar with the sales process said.

The deadline for the first round of bids is next week, said the people, who declined to be identified because the matter is private. A Lloyds spokeswoman declined to comment.

--Editors: Francis Harris, Edward Evans

To contact the reporter on this story: Gavin Finch at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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