Co-operative Submits Bid For Lloyds Retail Network – The Wall Street Journal

The Co-operative Group Thursday confirmed it has placed a non-binding bid for the retail branch network being sold by Lloyds Banking Group PLC (LYG).

The bid went in late Wednesday night, it said.

The offer comes over a month after rival NBNK Investments PLC (NBNK.LN) tabled its offer of GBP1.5 billion for the business, and after Lloyds’ interim chief executive, Tim Tookey, on Tuesday said there are a “number of bidders” but that a float of the business is still possible. He said the bank will give a further update on the process by the end of the year.