Brussels, 14/05/2014 (Agence Europe) - On Tuesday 13 May, the European Commission gave the go-ahead to proposals by the United Kingdom authorities to amend conditions for the divestment of Lloyds Banking Group's (LBG) UK retail business. The Commission says that a delay in the divestment of LBG's UK retail bank entity Verde (now re-branded as TSB) will not jeopardise the viability of the business, and the Commission has also accepted changes in the scope of the divestment, in particular the removal of certain assets and liabilities, “as they will leave TSB in a better financial position and will therefore reinforce its ability to effectively compete in the market despite a reduced balance sheet.” Since 2009, LBG has received massive state aid, including public cash totalling £17 billion. The UK pledged to sell off Lloyd's “Verde” retail bank (re-named TSB). The Cooperative Bank pulled out of plans to buy TSB in 2013 and the UK asked for the divestment to be postponed until 31 December 2015. Lloyds therefore had to change plans and start to establish TSB as a stand-alone bank. The Commission says the proposed changes “do not modify the balance of the restructuring package.” (EL)