LONDON, June 23 (Reuters) - Lloyds Banking Group has asked the European competition authorities to give it anextra two years to sell the hundreds of branches it is requiredto dispose of as a condition for its state bail-out, the SundayTelegraph newspaper said.
The bank, which is 39 percent-owned by the government, begantalks with the European Commission earlier this month. Itcurrently has a deadline of Nov. 30 to sell 631 branches. A saleto the Co-operative Bank fell through in April amidconcerns over the mutual's financial position.
The Sunday Telegraph said Lloyds had asked the commission togive it until the end of 2015 to complete the sale. Lloyds isnow planning to sell the branches as a separate business via ashare listing on the London Stock Exchange.
Lloyds plans to sell a first tranche of the shares in thebusiness next year, industry sources have told Reuters.
Lloyds declined to comment.
Lloyds (LLOY)