Speaking at the Lloyds’ AGM yesterday, chairman Sir Win Bischoff said the part-nationalised bank will not consider selling any more branches in addition to the 600 already agreed under the terms of a deal with the EC and previous Labour government, reports the Telegraph.
He said the previously agreed deal was a legal agreement and declined to rule out legal action should the government try and persuade it to sell more branches.
The government-appointed Independent Commission on Banking is due to release its final report in September with fears remaining it could recommend Lloyds sell more branches.
Sir Win’s comments followed tense scenes at the bank’s annual general meeting when shareholders voiced their disapproval of the high levels of pay awarded to some of its top executives.
