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Bank charges: Co-op rejects Lloyds branches

The Co-Operative Group has pulled out of a deal to buy 632 Lloyds Banking Group branches.

This comes after the two banks had been in talks over a year about the purchase of the branches.

News of the failed deal is likely to disappoint both customers at Co-Operative bank and the government.

Had Co-Op bought the banks it would have had a network of 974 branches, which would make it more accessible to people across the country.

The government had been working to encourage this deal as it was seen as an opportunity to create competition for the big four banks.

Competition in banks is something that the government has been working to improve this year. It feels that customers could be offered better deals but that major banks are failing to do this because they can attract the majority of consumers too easily.

One of the ways the government plans to increase competition is by making it easier for customers to switch their accounts to a different bank.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801576255-ADNFCR

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