James Moore22 March 2012
Lloyds, the state-backed bank, today said it planned to create 500 new jobs within the Project Verde business it wants to sell to the Co-op.
But the planned sale appears to have hit turbulence and the bank said although its preference remained a sale to Co-op “given that this is a substantial business and a highly complex transaction the group now anticipates providing a further update in the second quarter of 2012”.
It is readying plans for a flotation of Verde should the talks with Co-op collapse.
Lloyds also said a further 1400 people at five UK sites would join the business to provide banking, telephone and mortgage support to the more than 600 branches which are being sold as part of the project.
