Co-op bank deal collapses

Heading to Waterloo? Then you could face delays

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THREE banks in Portsmouth, Fareham and Hayling Island are no longer set to taken over by The Co-operative Group after a £750m deal collapsed.

The Co-operative Group has pulled out of its £750m deal to buy 632 ‘Project Verde’ branches from Lloyds Banking Group.

The Co-op had hoped to add the branches on to its existing 342-strong branch to create a new high street bank.

Three branches in The News area were set to be transferred over.

They were the Lloyds TSB branch in Elm Grove, Hayling Island, as well as Cheltenham & Gloucester branches in Arundel Street, Portsmouth, and West Street, Fareham.

Cheltenham & Gloucester is part of Lloyds Banking Group.

Under the terms of a European competition ruling, Lloyds must sell or dispose of the branches by the end of November 2013.

Lloyds is now expected to pursue an initial public offering of the business under the TSB brand, which was being sold to The Co-op as part of the deal.