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BREAKING: Sale of 632 Lloyds TSB branches to Co-Op has collapsed
Comments
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I work for Lloyds banking group and know many people working on project Verde and even they told me months ago the chances of the Co Op buying it were very slim to non existent.
It has been and continues to be a massive task and a separate sell off will be much better, for an existing bank to buy it and then integrate is just too tall an order to accomplish.
All departments at the bank are effected by project Verde but most are now ready to be separated with a % going towards the new bank. Once this is done the rest of Lloyds can get on with repaying the taxpayer the £20bn and building a strong business for our customers, staff and shareholders.0 -
The only thing now is for Lloyds and RBS to do a swap."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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They've both got deadlines for divesting themselves of branches that nobody wants to buy.dr_adidas01 wrote: »Why is the only thing for Lloyds and RBS to do a swap?"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
They've both got deadlines for divesting themselves of branches that nobody wants to buy.
I can't see the regulators agreeing to a swap - more likely that they will be floated if a buyer can't be found (which Lloyds say they will be doing for TSB in the Telegraph article I posted earlier)0 -
More like merge the two 'unwanted' networks and make a significant challenger GB bank.The only thing now is for Lloyds and RBS to do a swap.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Would face the same issues on integration of two alien systems and organisations as the failed Santander/RBS and Coop/Lloyds acquistions.
The least costly solution (next to leaving the behemoths untouched) would be to break parts out intact - - but who would want to run an organisation that a competitor has 100% knowledge of?0 -
I have a management consultant friend working on the Verde project who has told me that the odds of finding a buyer are close to zero, mainly for the simple reason that the no prospective buyer could ever be confident enough in the quality of the asset/liability book they are buying.
Chuck in the fact that all major banks are still under-capitalised and thus have no M&A appetite whatsoever, and the only solution is for Lloyds to hive off the Verde business and IPO it, giving every current Lloyds shareholder shares in the "new" bank.0 -
Well how did it help to sell RBS/NatWest branches to Santander. They were mostly in places that already had a Santander branch. It was only a matter of time before the superfluous branches were closed.How would that me and thee and every other cosnumer in terms of getting a more competitive banking market?
Scottish customers have already lost out from Verde. Pteviously they could get a Lloyds Classic Vantage or a BoS/Halifax Reward, albeit from the same group. Now they have a choice of Lloyds Classic Vantage or BoS Classic Vantage.
There is going to be a shakeout of Verde branches, especially in Scotland.
But it was never about competition. The Germans didn't like the bailouts and punishment has to be inflicted on all concerned, including the customers."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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