Lloyds: Co-op pulled out due to economic climate

Lloyds has given the following explanation for the collapse of the planned sale of more than 600 branches to the Co-operative Group, citing the Co-op's board:

The Co-operative Group's board has decided that they can no longer proceed with a purchase of the Verde business given their view of 'the impact of the current economic environment, the worsened outlook for economic growth and the increasing regulatory requirements on the financial services sector in general'.

– lloyds statement

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Lloyds branches sale called off

The sale of 632 Lloyds Banking Group branches to the Co-operative Group has collapsed. The financial institution, which is 43% owned by the taxpayer, was forced to sell them by European regulators.