Lloyds denies Co-op deal pressure

Press Association
Win Bischoff
Win Bischoff

Lloyds Banking Group bosses have denied they faced political pressure to accept the Co-operative Bank's ill-fated £700 million bid for its branches, insisting they acted in the best interests of shareholders.

In a hearing with MPs over the collapse of the branch deal, Lloyds chairman Sir Win Bischoff said there was "no political interference or contact" surrounding the decision to choose the Co-operative over the two other final bidders.