LONDON, Jan 28 (Reuters) - The former deputy chairman of theCo-operative Bank said he stepped down because heopposed its plans to buy hundreds of branches from LloydsBanking Group.
Rodney Baker-Bates told parliament's Treasury SelectCommittee that he considered the proposed acquisition to be a"giant step too far".
"I wished to resign because of my opposition to Verde (planto buy 630 branches from Lloyds)," he said on Tuesday.
Co-op, which is owned by its members and has operationsspanning banking, supermarkets and funeral services, was lastyear rocked after a 1.5 billion pound ($2.5 billion) capitalshortfall was identified at its bank and Paul Flowers, formerchairman of the bank, was arrested as part of an investigationinto the supply of illegal drugs.
Lloyds (LLOY)