NBNK in talks with Lloyds over branches purchase

  • New British banking venture NBNK has said talks with Lloyds Banking Group over the possible purchase of 632 branches are progressing well.

    The sale could fetch up to $2.3 billion and create Britain's seventh-biggest bank, with a 4.6 percent share of current accounts and 5 percent of mortgages.

    Four major players currently dominate the UK market- Barclays, HSBC, RBS and Llyods TSB.

    The European Commission forced the sale of the branches upon Lloyds as the bank received state aid during the 2008 financial crisis.