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Co-Operating To Hold Key Meeting over Lloyds Deal - Reports

LONDON -(Dow Jones)- Directors at the Co-Operative Group's banking division are to hold a key board meeting this week, amid fears the mutual will abandon a deal to acquire 632 branches belonging to Lloyds Banking Group PLC (LYG), the Sunday Times and the Sunday Telegraph report, without citing sources. Lloyds is currently in exclusive negotiations to sell the branches to the Co-Op. However, the deal has been hindered by regulatory issues, sparking fears that it might collapse. Regulatory demands that the Co-Op must put in place a structure that will ensure that the entire mutual will be governed by the U.K.'s regulator, the Financial Services Authority, rather than just its banking arm, is at the center of concerns, the Sunday Telegraph said. Citing an unnamed source, the newspaper said the FSA has made it clear that its concerns are focused on the structure of the complex group and the capital requirements that would result from the transformatory transaction. Last week, investment company NBNK Investments PLC (NBNK.LM) made a sweetened offer for the branches in a bid to create a challenger bank in the U.K. Lloyds previously confirmed that a flotation of the branches remains an option and that an update on the sale would be made in the second quarter. The bank is due to hold a meeting of its board next week, the Sunday Telegraph said. Lloyds, which is 40%-owned by the government, has to sell the branches on condition of receiving state aid when it was bailed out by the U.K. government in 2008. The Co-Op wasn't immediately available for comment. Lloyds also wasn't immediately available for comment. Newspaper Web site: http://www.timesonline.co.uk Newspaper Web site: http://www.telegraph.co.uk -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

Stock News for Lloyds Tsb (LYG)
DateTimeHeadline
01/12/201711:38:05Securities Registration (section 12(b)) (8-a12b)
01/11/201711:04:36Report of Foreign Issuer (6-k)
01/11/201711:04:36Report of Foreign Issuer (6-k)
01/09/201712:01:12Amended Statement of Beneficial Ownership (sc 13d/a)
01/09/201707:17:53Report of Foreign Issuer (6-k)
01/09/201705:31:00UK Government Cuts Stake in Lloyds Banking Group to 5.95...
01/09/201702:46:00UK Government Cuts Stake in Lloyds Banking Group to 5.95%
01/05/201711:59:53Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/05/201706:06:34Report of Foreign Issuer (6-k)
01/05/201706:04:13Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
01/04/201706:04:28Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/04/201704:29:00UK Regulator Sees Competition Concerns over Mastercard, VocaLink...
01/03/201707:33:06Report of Foreign Issuer (6-k)
12/21/201603:03:00Lloyds to Buy a BofA Unit -- WSJ
12/20/201607:49:27Report of Foreign Issuer (6-k)
12/20/201604:17:00Lloyds Buys Bank of America's Credit Card Unit MBNA for $2.4...
12/20/201603:11:00Lloyds Buys Bank of America's Credit Card Unit MBNA for $2.4...
12/20/201602:32:00Lloyds Banking Group PLC Acquisition of MBNA Ltd
12/14/201611:55:25Report of Foreign Issuer (6-k)
12/13/201615:44:49Amended Statement of Beneficial Ownership (sc 13d/a)

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