The Portsmouth News is reporting a banking takeover which was set to acquire 632 Project Verde branches from Lloyds Banking Group has fallen through after the Co operative Group pulled out of the 750m deal.
The current Lloyds TSB branch in Elm Grove Hayling Island was one of the sites ready for re-branding and would have added to the existing 342 strong portfolio the Co operative Group already operate.
Other branches to be included were Cheltenham & Gloucester in Arundel Street Portsmouth and West Street Fareham. Cheltenham & Gloucester is also part of Lloyds Banking Group.
The terms of a European competition ruling dictates that Lloyds must be rid of the branches by November 2013. The expectation is that Lloyds will now publicly offer the business under the TSB brand.
