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Summary Lloyds says it aims to complete the disposal by the end of November next year.
Britains state-rescued Lloyds Banking Group on Thursday said it had agreed to sell 632 branches to Co-operative Group that it was ordered to offload by EU competition regulators.Lloyds was ordered to dispose of part of its branch network to comply with the European Commissions 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-ops position as a major player in the U.K. banking market, with 10 percent of the branches.
