Bloomberg News

FSA Orders Co-Op Overhaul Before Lloyds Deal, Telegraph Says

March 04, 2012

Britain’s Financial Services Authority has ordered Co-Operative Group Ltd. to overhaul its structure as it prepares to take over Lloyds Banking Group Plc (LLOY)’s Verde branches, the Sunday Telegraph reported.

Co-Op may have to provide an additional 3 billion-pounds ($4.8 billion) of capital and add members to the board with FSA- approved experience to get consent for the 1.5 billion- pound deal, the newspaper reported, without saying where it got the information.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net.


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