Sun Capital Partners has proposed to buy the retail branch network of Lloyds Banking Group for nearly £2.6 billion, The Wall Street Journal reports. The 632 branches include Cheltenham & Gloucester and Lloyds TSB branches and customer accounts. The deal consists of a funding gap of £30 billion between customer loans and deposits, for which Lloyd’s advising banks will provide £15-20 billion. JP Morgan Chase and Citigroup are managing the auction. The other bidders for the deal are NBNK Investments, Virgin Money, Resolution and Bank of China.

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