Lloyds looks to float retail bank network

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Lloyds Banking Group is considering floating the
retail branch network it must offload as a condition
of receiving state aid, due to a lack of bids.

The retail banking network – known as Project
Verde – has attracted just one suitor in the form of
NBNK, backed by former Lloyd’s of London chairman
Lord Levene and Pizza Express tycoon Hugh Osmond.

NBNK is thought to be prepared to pay just £1.5billion –
half of the branches’ book value – prompting Lloyds
to ask the Financial Services Authority if it can opt for
a float instead.

NBNK could also lose out in the race to buy bailed
out mortgage lender Northern Rock for around
£600million.

Sir Richard Branson’s Virgin Money is thought to be
leading a two-horse race, with US private equity
group JC Flowers tipped to drop out.
The deadline for firm bids falls this Wednesday.

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Tags: Bank, float, Lloyds, Looks, network, Retail

Category: Business