Lloyds Banking Group has asked the European competition authorities for an extension to sell hundreds of its branches to be sold out as required. This is a condition for its state bail-out according to the Sunday Telegraph newspaper. UK's Lloyds had asked for a two year extension.
The bank is 39% owned by the government. It had started discussions with the European Commission earlier this month. The deadline for the bank to sell its 631 branches was set on November 30. A sale to the Co-operative Bank fell through last April in the middle of issues that confronts the mutual financial position of both banks.
According to the Sunday Telegraph, Lloyds had asked the commission to give it until the end of 2015 for the completion of the sale. Lloyds Banking Group planned to sell the branches as a separate business. This will be done via listings on its share on the London Stock Exchange.
Representatives for Lloyds decline to give comments.
Join the Conversation