Deals
Lloyds to Sell Branches in IPO as Co-Operative Drops Bid
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Lloyds Banking Group Plc, the U.K.’s biggest mortgage lender, plans to sell 632 branches in an initial public offering after Co-Operative Bank Plc pulled out of an agreement to buy the assets.
“We are disappointed that the Co-Op is unable to complete this transaction,” Lloyds Chief Executive Officer Antonio Horta-Osorio said in a statement today. The bank will “now proceed with the option to IPO the business.”