CO-OPERATIVE Group has warned that a deteriorating economy is affecting its ability to complete its purchase of Lloyds Banking Group's Verde portfolio, including Lloyds TSB Scotland, as its existing banking arm fell to a £662 million loss.
CO-OPERATIVE Group has warned that a deteriorating economy is affecting its ability to complete its purchase of Lloyds Banking Group's Verde portfolio, including Lloyds TSB Scotland, as its existing banking arm fell to a £662 million loss.
BIG DEAL: The Co-operative Group's purchase of the Lloyds Verde portfolio would include Lloyds TSB Scotland.
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TIM SHARP CITY EDITOR
The group also announced that it intends to sell its general insurance business, just days after offloading its life insurance arm to Scottish Life's owner Royal London for £219m.
Meanwhile, it emerged that Royal Bank of Scotland is likely to receive up to six offers for the 315 branches it is selling. Richard Branson's Virgin Money, US private equity firm JC Flowers and a consortium of investment funds working with former Tesco finance director Andrew Higginson are among those mulling a bid.
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