Lloyds Banking Group PLC Updates on EC Mandated Business Disposal Project Verde to Co-Operative Bank PLC

Wednesday, 24 Apr 2013 02:01am EDT 

Lloyds Banking Group PLC announced that it has provided an update on its EC mandated disposal, known as Project Verde. Lloyds Banking Group has been informed that, despite the commitment of both parties to the transaction, The Co-Operative Bank PLC's Group Board has decided that they can no longer proceed with a purchase of the Verde business. Lloyds Banking Group thus intends to divest Verde through an Initial Public Offering (IPO). It is expected that the IPO will be subject to regulatory and EC approval, and an update on the timing of an IPO will be given in due course. 

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