27th June 2012
The Co-operative Group (“the Group”) today confirms that it has made good progress in the process currently being run for the sale of Lloyds Banking Group (“Lloyds”) branch assets and that the Group and Lloyds now have an understanding on the commercial terms of the transaction. This is subject to further discussions and the approval of the respective boards, the FSA, HMT and the European Commission. During this phase of the discussions, in which we will be working to agree “Heads of Agreement”, Lloyds has granted the Group exclusivity.
There can be no certainty that a transaction will be completed. Further announcements will be made as appropriate.
The Co-operative Group
Tel: 0161 827 5856^ / 0161 903 4187^
Tel: 020 7353 4200^