Lloyds Banking Group PLC (LYG) on Wednesday said it will continue discussions with two bidders for the 632 branches it is selling as a condition of the state aid obtained during the financial crisis.

It said it received three formal offers but has knocked one of the bidders out of the process. The bank declined to name the bidders.

Lloyds said it will also continue preparations for a potential flotation of the branches, code-named "Verde," and that it will announce its preferred option by the end of the year.

Bank acquisition vehicle NBNK Investments Ltd. (NBNK.LN) confirmed it is one of the bidders that has been taken through to the next stage. The other two bidders were the Co-operative Group and Sun Capital.

-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; margot.patrick@dowjones.com

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