BREAKING: Sale of 632 Lloyds TSB branches to Co-Op has collapsed

simax

As above. Interesting. Wonder what will happen now given the EU deadline to divest?

You-kip

simax wrote: »

As above. Interesting. Wonder what will happen now given the EU deadline to divest?

Collapsed No way I just hope no one was hurt.

stclair

It's not hardly surprising to be honest.

However least the rebrand is still going ahead regardless.

System

Pretty much the same as before except that the TSB won't become the CO-OP. LBG seemed to be bending over backwards to allow them to buy it in the first place.

simax wrote: »

As above. Interesting. Wonder what will happen now given the EU deadline to divest?

gb12345

simax wrote: »

As above. Interesting. Wonder what will happen now given the EU deadline to divest?

More info here http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10014230/Co-op-pulls-out-of-deal-to-buy-632-Lloyds-bank-branches.html

I know a number of people working on the "Verde" project and when I spoke to one of them last night, they said the feeling was that it won't be a problem as the work to devest the business to the TSB brand is progressing and the breakdown of the sale is really unconnected - as the article says, they will either float TSB or another buyer will come in.

NorthernOne

I already have a coop account for my bills and was honestly not looking forward to the move to them. I am more optimistic towards the TSB and hope that the mistakes of the past are not repeated by them.

Alternatively could the TSB bank be a good vehicle for say Tesco bank or someone similar?

gb12345

NorthernOne wrote: »

Alternatively could the TSB bank be a good vehicle for say Tesco bank or someone similar?

An Internet bank such as Tesco, would be most likely. Virgin Money have been working on introducing current accounts for a while, so they might see it as an easy entry to the market.

innovate

There must be something seriously wrong with the sale of these branches. First Santander pull out because it wasn't commercially viable, and now the Coop pulls out for the same reason. I wonder whether it's going to be another scandal when the real reasons become public knowledge.

simax

innovate wrote: »

There must be something seriously wrong with the sale of these branches. First Santander pull out because it wasn't commercially viable, and now the Coop pulls out for the same reason. I wonder whether it's going to be another scandal when the real reasons become public knowledge.

I'm starting to think along the same lines. Something isn't right.....

opinions4u

innovate wrote: »

There must be something seriously wrong with the sale of these branches. First Santander pull out because it wasn't commercially viable, and now the Coop pulls out for the same reason. I wonder whether it's going to be another scandal when the real reasons become public knowledge.

Reading between the lines:

Santander realised they'd offered silly money for it.

Co-op have run out of money, having negotiated a cheap price.

I don't see Tesco having the capital to take it on either. Their stores near me are lacking investment and maintenance and they're losing market share in their core business.

FB13

innovate wrote: »

There must be something seriously wrong with the sale of these branches. First Santander pull out because it wasn't commercially viable, and now the Coop pulls out for the same reason. I wonder whether it's going to be another scandal when the real reasons become public knowledge.

Except that you are mixing together two different sales.

Santander was pursuing the RBS branches and the Coop was pursuing the Lloyds branches.