Lloyds Banking Group is looking to raise £20 billion ($32 billion) to help fund the sale of 600 branches, the Sunday Times newspaper reported.
Lloyds , which is majority owned by the government following its ill-fated purchase of HBOS and subsequent near-collapse in 2008, needs the cash to plug a funding gap at the branches, the paper reported.
Citigroup, Credit Suisse, JP Morgan Chase, Rothschild and UBS are all hoping to win the deal to advise on the sale of the branches but have been told they must offer a loan of between 15 and 20 billion pounds if they want to pick up the business, according to the Sunday Times.