Co-op chief: 'We are focused on Lloyds customers'

The Co-operative Group chief Peter Marks has spoken about the takeover plan to buy 632 Lloyds TSB and Cheltenham and Gloucester branches.

Mr Marks said that "we are really focused on making sure that we are a great home for Lloyds customers".

The Co-op will pay £350m upfront and up to an additional £400m based on the performance of the combined business.

The sale was demanded by European regulators after Lloyds bought HBOS during the financial crisis.

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