LLOYDS Banking Group's sale of a portfolio of branches, including Lloyds TSB Scotland, to the Co-operative Group is close to being completed but will be at a steep discount on the expected £1.5 billion price.
Lloyds must sell the 600 branches, including 185 north of the Border, by November 2013 in order to meet European state aid rules after its 2008 bail-out.
Lloyds and Co-operative signed a deal in December and, while Lloyds considered a rival approach from short-lived start-up bank NBNK, the two returned to exclusive talks last month.
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