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Bank claims: Co-operative group to acquire Lloyds branches

The Co-operative Group's board has agreed to acquire 632 of Lloyds Banking Group's branches by buying Lloyds' Verde business.

This deal should result in a "real challenger bank" reaching the UK's high streets, the Co-operative Bank claims.

It would have control over approximately seven per cent of the UK's personal current accounts and meets recommendations made by the Independent Commission on Banking.

Furthermore, the Co-operative Group would be able to boost its reach and scope by owning approximately 1,000 UK branches.

Consumer advocacy groups have expressed optimism following the announcement, with Consumer Focus director of financial services Sarah Brooks stating: "Time will tell if this shakes up our retail banking sector."

She argued the Co-operative should provide a "real difference" to other lenders by focusing on high standards of customer service and straightforward products.

Rather than providing "more of the same offered by the big five banks", the firm ought to deliver on a "point of difference", the consumer advocate declared.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801411239-ADNFCR

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