LLOYDS Banking Group has called for first bids for the 632 branches it has put up for sale to be delivered by the end of today.
The taxpayer-backed bank aims to identify a preferred bidder by November at the latest, weekend reports claimed, possibly before the Independent Commission on Banking delivers its report on the industry on September 12.
Lloyds is being forced to sell the branches by the European Union in return for £20bn of state aid linked to the 2008 bailout of the banking sector.
Virgin Money has expressed an interest in both Lloyds and Northern Rock, which the Government is looking to sell.
Fledgling group NBNK, led by former Northern Rock boss Gary Hoffman, is also expected to table an offer for Lloyds, but has said it is not interested in Northern Rock.
The Co-operative Group is also expected to make an offer – acquiring the branches would see Co-operative Financial Services expand to more than 1,000 branches.
