Paul Lewis
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How does Lloyds-Co-op deal affect you?

The Co-operative Group says it has reached a deal that will lead to the biggest shake-up in high street banking in a generation.

It has agreed to buy the 632 branches being sold by Lloyds Banking Group.

Lloyds, which is 40% owned by the government, was ordered to sell the branches to comply with EU rules on state aid.

If the deal is approved by regulators, it will give the Co-op 1,000 high street branches and nearly 10% of the UK bank network.

Paul Lewis from Radio 4's Moneybox explains how customers will be affected.

  • 19 Jul 2012