Former Co-op boss called in front of MPs

City A.M. Reporter
THE FORMER chief executive of The Co-operative Group has been called in front of the Treasury Select Committee to explain the firm’s botched attempt to buy 600 branches from Lloyds Banking Group.

Peter Marks will answer questions from the committee, chaired by Tory MP Andrew Tyrie, next Tuesday morning.

The committee launched an enquiry into the failed deal in June, and Lloyds chief execuitve Antoni Horta-Osorio and chairman Win Bischoff have already faced MPs, but this will be the first time the former Co-op boss has been called to answer questions.

Co-op’s £750m bid to buy the branches – the sale of which was required by European competition authorities – fell apart in April this year.