Bloomberg News

NBNK to Increase Bid for Lloyds Banking Branches, FT Says

December 10, 2011

Dec. 10 (Bloomberg) -- NBNK Investments Plc is expected to increase its bid for branches being sold by Lloyds Banking Group Plc as it competes with a rival offer from the Co-Operative Group, the Financial Times newspaper said.

NBNK has stepped up efforts to convince the board of Lloyds that it should buy the branches, the FT said, without saying where it got the information. The bids are expected to be worth about 1.5 billion pounds ($2.35 billion) although Lloyds may consider listing the branches in a public offering, the FT said.

--Editor: Jon Menon

To contact the reporters on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net3503374

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


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