Lloyds’ Branches Plan a ‘Disaster,’ NBNK Tells Sunday Telegraph

A sale of Lloyds Banking Group Plc (LLOY)’s 632 bank branches to the Co-Operative Banking Group would be a “disaster,” the Sunday Telegraph newspaper reported, citing Gary Hoffman, chief executive of NBNK Investments Plc. (NBNK)

Lloyds made the “wrong decision” to pick Co-Operative as the preferred bidder after rival NBNK offered guarantees to protect jobs at the bank branches, Hoffman said.

The Co-Operative said Hoffman’s comments had “no fundamental foundation,” the Telegraph reported.

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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