bank branch

Lloyds Banking Group wants to raise £20 billion ($32 billion) in a move to fund the sale of its 600 branches, according to the Sunday Times reports.

Almost owned by the government Lloyds needs more cash to address a funding gap at the branches, the paper reported.

Citigroup, Credit Suisse, JPMorgan Chase, Rothschild and UBS are all hoping to win the deal to advise on the sale of the branches but have been told they must offer a loan of between 15 and 20 billion pounds if they want to pick up the business, according to the Sunday Times.