THE MARKETS

Lloyds Banking Group has issued an update on project Verde and its proposed sale of branches to The Co-operative Group. Five key operational sites, which will provide telephony, banking operations and mortgage centre support to the Verde business, have been named as follows: Gloucester, Livingston, Birmingham, Sunderland and Swansea. Around 1,400 employees across the locations will become part of the business to be sold, joining around 5,000 branch staff. The group is also creating around 500 new jobs in the Verde business and has begun the recruitment process. Lloyds’ group director retail division, Alison Brittain, explains: “This represents the next step in building the Verde business following last year’s branch network and management team announcement, and marks a significant milestone in building a fully operational challenger bank, well positioned for a successful future.” While Lloyds’ preference is to sell the business to The Co-operative Group, the bank is continuing to prepare for a divestment through an Initial Public Offering. One way or another, it remains on track to complete the sale before the end of 2013, in line with the EC mandated timescale.