UK's Lloyds to ask for two-year extension on branches sale-report

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Lloyds Banking Group ( id="symbol_LLOY.L_0">LLOY.L) has asked the European competition authorities to give it an extra two years to sell the hundreds of branches it is required to dispose of as a condition for its state bail-out, the Sunday Telegraph newspaper said.

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The bank, which is 39 percent-owned by the government, began talks with the European Commission earlier this month. It currently has a deadline of November 30 to sell 631 branches. A sale to the Co-operative Bank ( id="symbol_CPBB_p.LCPBB_p.L) fell through in April amid concerns over the mutual's financial position.

 
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The Sunday Telegraph said Lloyds had asked the commission to give it until the end of 2015 to complete the sale. Lloyds is now planning to sell the branches as a separate business via a share listing on the London Stock Exchange.

Lloyds plans to sell a first tranche of the shares in the business next year, industry sources have told Reuters.

Lloyds declined to comment.

(Reporting by Matt Scuffham; Editing by Greg Mahlich)

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