Lloyds protests ICB's call for more disposals

Lloyds Banking Group has hit back at a recommendation by the Independent Banking Commission that it should sell more than branches than the bank currently intends.It said Lloyds proposed sale of 600 branches would have a limited impact on competition and proposes "enhancing the divesture."But Lloyds said the ICB's proposal "would not be in the interest of our customers and appears to be based on limited evidence and may significantly delay meeting the commitments agreed between the UK Government and EU."Lloyds chief executive Antonio Horta-Osorio said Lloyds is "surprised" by the ICB's proposal."This option appears to be based on limited evidence and may paradoxically potentially delay a new competitor coming into the UK market," he said.Chairman Win Bischoff also chipped in saying that the divestment of the branches under Lloyds' plan would create a "strong, sustainable and competitive franchise."