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    Lloyds Banking Group agrees terms to sell branches

    Associated Press – Thu, Jul 19, 2012

    LONDON (AP) — Lloyds Banking Group says it has reached a preliminary agreement to sell 632 branches to the Co-operative Group.

    Lloyds was ordered to dispose of part of its branch network to comply with the European Commission's terms for receiving a government bailout.

    Lloyds said Thursday that the non-binding 'heads of agreement' negotiated with the Co-op call for an initial payment of 350 million pounds ($548 million) for the branches, with additional payments taking the total to 750 million pounds.

    The deal would secure Co-op's position as a major player in the U.K. banking market, with 10 percent of the branches.

    Lloyds says it aims to complete the disposal by the end of November next year.

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