Bloomberg News

Lloyds Banking to ‘Take Forward’ Two Bids For its 632 Branches

November 23, 2011

Nov. 23 (Bloomberg) -- Lloyds Banking Group Plc said it will “take forward” discussions from two bidders for the 632 branches it is selling to comply with European Union state-aid rules.

“We will now move quickly in parallel talks with each bidder,” Lloyds’s interim Chief Executive Officer and Finance Director Tim Tookey said in a statement today.

Lloyds is continuing to work on an initial public offering for the branches as a potential alternative to the direct sale, the bank said.

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

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


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