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Bank charges: Inquiry launched into Project Verde

MPs have launched an inquiry into the failed sale of 600 Lloyds Banking Group branches to the Co-Operative bank.

On Tuesday June 18th, the chief executive and chairman of Lloyds, Antonio Horta-Osorio and Sir Winfried Bischoff, will be required to give evidence on the matter to the Treasury Committee.

The committee's chairman, Andrew Tyrie, said: "We will want to know how the Co-operative Bank’s bid was allowed to progress to such an advanced stage, why it collapsed and what will now happen to these branches and their customers."

In April, it was announced that the Co-Op bank would not be buying the branches, dashing government hopes that it would become more competitive in the retail banking sector. The bank blamed tougher banking regulations and the poor economic outlook for its decision to pull out of the deal.

Shortly after the sale fell through, the Co-Op's credit rating fell to 'junk' status as credit agency Moody's said the bank was at risk of losses due to its loan portfolio.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801598621-ADNFCR

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