Lloyds may speed up branch sell-off

18th Feb 2011 14:45

Lloyds Banking has reportedly stepped up plans to dispose of 600 branches and is interviewing advisers to handle the disposal.Outgoing chief executive Eric Daniels had suggested the sale could take two years, but new chief Antonio Horta-Osorio is said to want to complete any deal within months.The European Commission ordered the sale of the branches after the taxpayer pumped billons into Lloyds following its disastrous takeover of HBOS. The divestment must take place by 2013 and Mr Horta-Osorio is said to want to draw a line under the issue as soon as possible. This could mean a sale before September, when the Independent Commission on Banking - which has been considering forcing an enlarged branch divestment - makes its final recommendations, the FT reported.NBNK, an unproved cash shell chaired by Lord Levene, has declared an interest but few other potential bidders have emerged so far.