Lloyds Banking Group has appointed J.P. Morgan and Citigroup as joint financial advisers on the mandate for its branch sale.

In order to meet its obligations under the State Aid commitments, Lloyds Banking Group has to sell around 600 branches, which will constitute around 5% of the UK personal current accounts market. It began this process on 1 March.

Ant&oacutenio Horta-Os&oacuterio, group chief executive, said: “We made the decision to accelerate the start of the sale process in order that we met the timescales agreed with the government and EU. By doing this we also bring greater certainty and clarity for our colleagues and our customers.