By Marcus Leach

A group of millionaire investors lead by insurance entrepreneur Hugh Osmond have placed a bid to buy the 632 branches being sold by Lloyds Banking Group.

The Sun Capital group are the third to submit a bid, alongside NBNK and Co-operative Financial Services.

The bid has been under construction for the past ten months, and should it be successful already has a management team in place to take over the running of the bank being formed due to Lloyds' sale.

Lloyds hope to complete the sale, to the successful bidder, by the end of 2011, with the final list of bidders expected to be announced before the end of August.

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