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Lloyds says no political pressure for Verde deal
June 18, 2013 / 9:37 AM / 4 years ago

Lloyds says no political pressure for Verde deal

LONDON, June 18 (Reuters) - Lloyds Banking Group’s Chairman Win Bischoff said there had been no political pressure on the bank to sell hundreds of branches to the Co-operative Group.

Bischoff was speaking to the Treasury Select Committee, which is examining the deal which was supposed to create a new competitor to Britain’s established lenders, but which collapsed in April.

Britain’s financial regulator has since identified a 1.5 billion pound ($2.4 billion) capital shortfall at Co-operative Bank and the Co-op has agreed a rescue plan requiring its bondholders to take losses.

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