LONDON (Standard&Poor's) April 24, 2013--Standard&Poor's Ratings Services said today that its ratings and outlook on Lloyds TSB Bank PLC (A/Negative/A-1) are unaffected by an update to its European Commission (EC) mandated business disposal (otherwise known as Project Verde). The Board of the Co-operative Group, which originally planned to acquire Verde (around 630 branches and related loans and deposits) through its banking operations, has informed Lloyds that it can no longer proceed with the purchase. Lloyds has stated that it now intends to divest Verde through an IPO, subject to regulatory and EC approval. Lloyds has also confirmed that detailed plans are in place for a rebranding of Verde as TSB Bank during the summer, at which
