Lloyds to cooperative which branches

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Search the FT Search. World Show more World. US Show more US. L NatWest unit last month. The new bank will be led by Lloyds executive Paul Pester, who was appointed in May to run the branches earmarked for sale in case the lender opted to list them as a separate business instead. Lloyd's shares were up 1. News of the deal was welcomed by the UK government which has championed a shake-up in UK banking and the promotion of mutually-owned financial businesses.

The banking sector's public image, tarnished by the crisis, has taken a further knock this year due to scandals including the widespread mis-selling of loan insurance, NatWest's IT problems, and news that Barclays BARC.