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U.K. Panel to Examine Collapse of Co-Op Bid for Lloyds Branches

The first evidence session into the proposed takeover known as
The first evidence session into the proposed takeover known as "Project Verde" will take place on June 18. Photographer: Simon Dawson/Bloomberg

June 13 (Bloomberg) -- The U.K. Parliament’s Treasury Committee announced an inquiry into the collapse of a bid by the Co-Operative Bank Plc to buy 632 branches of Lloyds TSB Bank Plc.

The first evidence session into the proposed takeover known as “Project Verde” will take place on June 18 with António Horta-Osório, group chief executive of Lloyds Banking Group Plc, and Winfried Bischoff, its chairman.

“This divestment should be an important opportunity to boost competition in the U.K. retail banking market,” the committee’s chairman, Andrew Tyrie, said in an e-mailed statement. “It could have significant benefits for consumers. We will want to know how the Co-operative Bank’s bid was allowed to progress to such an advanced stage, why it collapsed and what will now happen to these branches and their customers.”

To contact the reporter on this story: Kitty Donaldson in London at kdonaldson1@bloomberg.net;

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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