The Co-op is the preferred buyer of a sizeable chunk of branches of Lloyds.
This is a welcome step towards the transformation of all retail banks into mutual building societies, ironclad as such by the Statute Law that already forbids building societies from engaging in investment banking, and would therefore automatically forbid all retail banks from so engaging if they had all been so transformed.
I do occasionally receive communications from people who cannot get their heads around that one. But it is the law; look it up if you don't believe me. And those people's complete inability to deal with the very concept of mutualism is an even stronger argument in its favour.