Co-op preferred bidder for Lloyds branches

The Co-operative Group has been given preferred bidder status in the process currently being run for the sale of the 632 Lloyds Banking Group branches under European competition rules.

Peter Marks, group chief executive of The Co-operative Group, said: “We have a clear strategy for driving The Co-operative Group forwards. As part of that we have been working to build upon our strong foundations in banking to ensure customers have a real alternative on the high street.