Co-op Bank's former Deputy Chair left over plans to buy Lloyds branches

28th Jan 2014 10:58

Rodney Baker-Bates, the former Deputy Chairman of the Co-operative Bank, said he resigned because he was against its plans to buy hundreds of branches from Lloyds Banking Group.He told the parliament's Treasury Select Committee that he believed the proposed acquisition to be a "giant step too far", according to Reuters."I wished to resign because of my opposition to Verde (plan to buy 630 branches from Lloyds)," he said on Tuesday.The Co-op Bank, owned by the Co-operative Group, was last year found to have a £1.5bn capital shortfall. Its Former Chairman Paul Flowers was also arrested as part of an investigation into the supply of illegal drugs.RD