Last month Lloyds TSB shareholders gave the green light for the merger with HBOS to create the Lloyds banking Group, while HBOS shareholders will make that decision next week.
But Lloyds has today announced the main elements of its multi-brand banking strategy. It says Halifax and Lloyds TSB will remain the dominant names on the high streets of England Wales, while Bank of Scotland will be the face of the proposition in Scotland.
Lloyds TSB will control corporate banking, but no decisions have yet been made as to the future of BOS’ corporate presence in England and Wales.
Lloyds commented on the strength of the Cheltenham & Gloucester brand, but have made no definite decisions on its future. There was also no mention of the other brands with the groups – BM Solutions, Intelligent Finance, Clerical Medical and Scottish Widows.
Lloyds TSB group chief executive Eric Daniels says: “Lloyds TSB is committed to a multi-brand strategy for its banking business. We believe that our brands are the strongest in the UK retail financial services sector and we are very focused on growing and developing them.
“Lloyds Banking Group will have the largest branch network in the United Kingdom which means we will be able to provide an even higher level of service to our customers.”