June 18, 2013 / 9:56 AM / 4 years ago

Lloyds says no political pressure for Verde deal

A sign from a branch of a Lloyds bank is reflected in a window in central London May 13, 2013. REUTERS/Stefan Wermuth

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

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.

Reporting by Matt Scuffham; Editing by Steve Slater

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