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Co-Op Paves Way for Lloyds Deal with Disposal Plan

The Co-operative, Britain's largest mutually-owned business, paved the way for the purchase of 632 bank branches from Lloyds as it announced on Thursday that it planned to sell its general insurance arm to bolster its finances.

By Matt Scuffham, Reuters | Updated on March 21, 2013

LONDON (Reuters) – The Co-operative, Britain’s largest mutually-owned business, paved the way for the purchase of 632 bank branches from Lloyds as it announced on Thursday that it planned to sell its general insurance arm to bolster its finances.

Lloyds must sell the branches, code named Verde, as a condition of receiving state aid during the 2008 financial crisis and the two parties said last June they had reached an understanding of the terms of a deal which would create a new competitor to Britain’s established high street lenders.

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