Co-Op CEO Marks Says it Has a Bank Chief ‘Waiting in the Wings’
Co-Operative Group Chief Executive Officer Peter Marks said it has a CEO for the banking business “waiting in the wings.”
Co-Op has been named preferred bidder for the 632 branches that Lloyds Banking Group Plc (LLOY) has to sell by the end of November 2013 to comply with European Union state-aid rules after receiving a bailout.
The sale is being delayed by the Financial Services Authority, which won’t give approval until the buyer appoints a full-time CEO for its banking arm, three people familiar with the talks said last week.
To contact the reporter on this story: Gavin Finch in London at email@example.com
To contact the editor responsible for this story: Jon Menon at firstname.lastname@example.org