THERE are six companies still looking at a 632-branch portfolio being offered for sale by Lloyds Banking Group as senior executives prepare for a series of meetings with potential bidders next month.
Lloyds is selling businesses including Lloyds TSB Scotland’s 185 branches and the TSB brand, as part of a deal with EU regulators over its £20 billion state capital injection.
Only start-up bank NBNK and Co-operative Financial Services are thought to have made formal bids. But sources told The Herald six potential bidders are in talks with the bank, which owns Bank of Scotland and Edinburgh pensions and insurance house Scottish Widows.
They are thought to include National Australia Bank, owner of the Clydesdale, Sir Richard Branson’s Virgin Money and financial services industry consolidator Resolution.
New Lloyds chief executive Antonio Horta-Osorio sought to speed up the sales process when he took over in March.
The bank will decide by the end of the year who it will sell the portfolio to, or pursue an initial public offering that could see existing Lloyds shareholders or new investors offered stakes.
The Herald understands managers at Lloyds will make presentations to interested institutions in at the start of August. It then hopes to whittle down the contenders to around two.
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