UK to sell 100s of bank branches

The assets being put up for sale would be reserved for new entrants to the British banking market, effectively creating three new banks over the next five years or so, the official said.

The official said that the banks were in negotiations with Britain’s treasury and European regulators over how many assets they would have to give up in return for the help they received from taxpayers.  As many as 700 branches could be sold off, the official said.

That figure would include all of Northern Rock’s branches, as well  Lloyds Banking Group PLC’s  3,000 branches and just over 2,200 branches operated by the RBS.