Lloyds Banking Group PLC, Britain's biggest mortgage lender, is seeking roughly 2.5 billion pounds ($4 billion) for the 632 branches it is selling to comply with a European Union ruling on taxpayer aid, two people familiar with the sale process said.

The deadline for the first round of bids is next week, said the people, who declined to be identified because the matter is private. A Lloyds spokeswoman declined to comment.

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