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 gfinch@bloomberg.net

To contact the editor responsible for this story: Jon Menon at jmenon1@bloomberg.net

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