Manchester-based Co-Op Group buys 632 Lloyds bank branches

The Manchester-based Co-Operative Group has agreed terms to buy 632 branches from Lloyds Banking Group. The move will effectively transform the Co-Op into a high-street banking presence.

Around 4.8 million customers will be transferred from Lloyds, giving the Co-Op about 7% of the current account market. It will now have just under 1000 high street branches.