Lloyds TSB gets bid for branches

NBNK Investments is a new venture that has confirmed that is has just made a bid to purchase over 630 branches of Lloyds TSB. The BBC has said that NBNK have not revealed the value of their bid but it is expected that it will be for around one and a half billion pounds.

The European Commission has recently said that Lloyds has to sell of some of its branches because the bank took a bail out from the government. The government currently holds a share of over 40% in the bank. Chairman of Lloyd’s of London, the insurer, is Lord Levene and he commented that, “it is not yet certain that the bid will be accepted and the transaction completed.” :Lloyds has over two years to find a buyer for the branches. The bank is planning to sell many of its Lloyds TSB branded branches as well as several Halifax and Cheltenham & Gloucester branches.