Lloyds bank branch sale to Co-op falls through

Planned sale collapses.

New Statesman
Photograph: Getty Images

Lloyds Banking Group will offer shares to the public after the planned sale of over 600 UK bank branches to the Co-op group fell through.

Here's the BBC:

The Co-op blamed the continued economic downturn and tougher regulatory environment imposed on banks.

Lloyds said it will now seek to sell the branches as a stand-alone bank through a stock market listing.

Lloyds' chief executive António Horta-Osório said: "We are disappointed that the Co-operative Group is unable to complete this transaction."