Lloyds announced the creation of Project Verde in November 2009. In July 2012, it was announced that all of the C&G branches, along with some Lloyds TSB branches, would be sold to The Co-operative Bank and rebranded as TSB. However, in April 2013 the Co-operative Bank decided not to proceed with the acquisition, citing the economic downturn and tougher regulatory environment imposed on banks. Lloyds Banking Group confirmed that the rebranding to TSB would still take place. The new TSB Bank was launched on 9 September 2013 and all Cheltenham & Gloucester branches were rebranded TSB on this date. The new bank was divested from Lloyds Banking Group in 2014 through a stock market flotation, and was acquired by Sabadell Group in July 2015. On 13 June 2013 the Treasury Select Committee announced an inquiry into the required divestment of the Verde branches and the collapsed bid from The Co-operative Bank. The inquiry published its final report in October 2014. At the formation of the new TSB Bank, C&G no longer had any branches, and was closed to new business. Retained C&G mortgages were administered by Cheltenham and Gloucester plc and provided by Lloyds Bank plc. Retained savings accounts were held with C&G Savings, a trading division of Lloyds Bank plc. Following the transfer of all C&G branches to TSB Bank plc, C&G products could be serviced at Lloyds Bank branches, by phone or by post. By April 2017, all remaining mortgage administration had been transferred to Lloyds Bank and rebranded and the only remaining products were legacy savings accounts, with the last remaining C&G Fixed Rate Cash ISAs maturing in 2017.