Skegness Lloyds TSB branch among 600+ being bought by Co-op in £750 million deal

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THE Lloyds TSB branch on Roman Bank in Skegness is among the 632 UK branches set to be bought by the Co-op in a deal which could cost up to £750 million, it was announced today (Thursday).

Almost five million customers with the Lloyds Banking Group will be transfered to the Co-op in the move, which will boost the Co-op’s banking presence to almost 1,000 branches nationwide.

The deal has yet to be finalised, but if it goes through it will cost the Co-op £350 million up front, with a further £400 million set to be paid depending on the performance of the business after its acquisition.

The deal is expected to be complete by the end of 2013.

After the takeover the 632 branches will all be rebranded as TSB - marking the return of the well-known brand-name to the high street for the first time since the 1990s.

Louth’s Eastgate branch is also among those being bought up in the deal.

The deal follows calls by European regulators to break up part of the Lloyds Banking Group in the wake of its partial nationalisation three years ago.