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Revised offer made for 632 Lloyds branches in UK

LONDON (AP) -- An investment consortium has made a new offer for 632 U.K. bank branches being sold by Lloyds Banking Group to comply with European Union conditions for state aid.

NBNK Investments PLC on Thursday said it is offering cash or shares to Lloyds shareholders. British taxpayers hold a 40 percent stake in Lloyds. The announcement did not state a cash value of the offer.

The offer comes as earlier plans to sell the branches to the Co-operative Group Ltd. have stalled because of questions about the Co-op's ability to manage a large bank.

Lloyds is also considering an IPO of the branches as an alternate way of disposing of them.

The EU has set a deadline of November 2013 to complete the sale of the branches.