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Page last updated at 07:52 GMT, Thursday, 29 March 2012 08:52 UK

Co-op boss: Lloyds bid 'a great opportunity'

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The chief executive of the Cooperative Group has said that "they will not be rushed" on an attempt to buy 630 bank branches from Lloyds.

Peter Marks told the Today programme's Simon Jack that this was "a great opportunity to grow our bank and create a challenger bank".

He admitted it was a very complex deal and that the Cooperative Group "may not get there but we will give it a try".

When asked about problems due absorbing Somerfield stores with like-for-like sales down 2% Mr Marks insisted that "the Somerfield acquisition has been brilliant for us".

The companies full year results took a dip in profits of 6% down to £373 million which Peter Marks said "is partly to do with consumers who are under pressure like never before" but also that they are investing £600m to improve their business.


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