Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

King Denies Saying Lloyds Co-Op Deal Was ‘Political’

Former Bank of England Governor Mervyn King denied saying Lloyds Banking Group Plc’s plan to sell branches to Co-Operative Bank Plc was “political,” contradicting Peter Levene, whose NBNK Investments Plc lost out in the bidding.

Levene and his partners “were of the view that the government had pressured LBG into accepting the Co-operative Bank bid,” King said in a March 12 letter to Treasury Committee published today. “I was concerned to know whether they had evidence of that. They told me they did not.”

Levene, 72, testified to lawmakers in January that King, 65, told him in May 2012 the decision to choose Co-Operative Bank over NBNK was a “political decision” and that he should talk to the politicians if he wanted to resurrect his bid.

NBNK, created in 2010 to acquire bank assets, lost out to Co-Operative Bank to buy 632 branches of Lloyds in 2012. Co-Operative Bank abandoned its bid last year, disclosed a 1.5 billion-pound ($2.5 billion) capital shortfall and faces a formal investigation by regulators amid allegations its former chairman bought drugs.

“Although it seemed to me that the government wished to ensure that, if it were possible, a plausible bid from the Co-operative Bank was able to be considered alongside other bids, that was a far cry from any improper conduct in the bidding process,” King said in the letter. “Had I received evidence of improper behavior I would have raised that with the regulator, the government and, if necessary, Parliament.”

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.