According to Peter Levene, NBNK offered much more than what Antonio Horta Osorio had reported to lawmakers. However for Osorio, Co-Operative Bank PLC, a customer-owned lender, clearly outbidded NBNK and therefore, should be awarded with the branches.

Antonio Horta Osorio claimed that Co-Operative offered 700 million pounds whereas NBNK only offered 630 million pounds. Peter Levene claimed that Osorio only used components of NBNK's detailed bids selectively, not showing the true figure and enabling Co-Operative Bank to win the bid.

Asked whether he was under political pressure to let Co-Operative win the bind, Lloyd's CEO denied all such allegations. Osorio claimed that decisions were made purely on the price really offered and based on untainted commercial terms. 

NBNK has been hot on the acquisition trail since 2011, buying assets from struggling bank after another.