LONDON Jan 28 The former deputy chairman of the
Co-operative Bank said he stepped down because he
opposed its plans to buy hundreds of branches from Lloyds
Rodney Baker-Bates told parliament's Treasury Select
Committee that he considered the proposed acquisition to be a
"giant step too far".
"I wished to resign because of my opposition to Verde (plan
to buy 630 branches from Lloyds)," he said on Tuesday.
Co-op, which is owned by its members and has operations
spanning banking, supermarkets and funeral services, was last
year rocked after a 1.5 billion pound ($2.5 billion) capital
shortfall was identified at its bank and Paul Flowers, former
chairman of the bank, was arrested as part of an investigation
into the supply of illegal drugs.