The Co-operative Bank is set to take over the Cheltenham & Gloucester branch in thecentre:mk as part of its deal to buy 632 branches from Lloyds.
The move has been welcomed by Labour Parliamentary Spokesperson Andrew Pakes who has campaigned for greater competition in High Street banking and for a greater presence by the mutual banking sector.
Once the deal is complete it will see branches taking up the Co-operative Bank branding from 2013. The CMK Cheltenham and Gloucester branch is one of the 632 ‘verde branches’ up for sale.
The decision will bring a branch of the customer owned Co-operative Bank to the centre of Milton Keynes for the first time as it takes over the Midsummer Boulevard branch of the Cheltenham & Gloucester, which is part of the Lloyds Banking Group.
The taxpayer owns 41 per cent of Lloyds and the sale will give the Co-operative Bank a 7 per cent share of current accounts making it a rival to the big four banks.
Andrew Pakes, Labour Parliamentary Spokesperson for Milton Keynes said: “Following the scandal over Barclays there is a clear need to bring some common sense and ethical values back to High Street banking. This is a good deal for taxpayers and it will be great to see more choice for customers in Milton Keynes.
“The Co-operative Bank has a reputation for its ethical and socially responsible credentials. We have a strong co-operative tradition in Milton Keynes and this will be a good addition to the business sector.”