The planned sale of more than 600 bank branches from Lloyds Banking Group PLC (LYG) to Co-operative Banking Group has collapsed after Co-op decided it couldn't go ahead with the deal, the Financial Times reported Wednesday on its website, citing two unnamed sources familiar with the situation.

The cancellation of the deal, worth a preliminary 750 million pounds under a purchase agreement reached in July, could be announced as early as Wednesday, the report said.

Lloyds declined comment, while Co-op couldn't be reached for comment, according to the report.

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