NBNK chief Gary Hoffman's 'meeting" with Co-op riles investors Mr Hoffman agreed to meet the Co-operative group in the past six weeks to consider joining as chief executive despite the two lenders" competing bids for Lloyds Banking Group's sale of 632 branches. The Co-op is the frontrunner after being selected as preferred bidder in the £1.5bn battle, but is under pressure from the Financial Services Authority because it has a shortage of expertise on the board. The chief executive of the Co-op's banking arm left last year and the group retained Whitehead Mann, the executive search firm, to find a successor. Mr Hoffman's meeting with the Co-op was arranged by the firm. Mr Hoffman's inclusion on Co-op's shortlist is also deeply embarrassing for the mutual, which is still seeking appropriate talent to satisfy regulators that it is fit to run a bank with 5.5m customers and £35bn of assets. The Co-op, which if the Lloyds deal went through would be 40pc financial services, still does not have a chief executive for its banking division. The City watchdog also wants the Co-op to find someone able to focus on risk at the main board level.