Lloyds confirms preferred buyer as part of Project Verde

Lloyds Banking Group has confirmed the Co-Operative as the preferred buyer for a number of its banking branches.

Negotiations are currently underway for the purchase of over 600 Lloyds branches as part of the European Commission’s Project Verde.

Lloyds also announced today that António Horta-Osório would be returning as the group’s chief executive in January after a temporary leave of illness in November.

In April this year, Horta-Osório argued against the extension of Project Verde, saying that it was “not in the interest of our customers”.

The sale of the Lloyds branches comes as a response to the state bailout package that was awarded after the takeover of HBOS in September 2008.

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