Lloyds TSB announces multi-brand strategy
Lloyds TSB has announced the main elements of its multi-brand banking strategy once the proposed acquisition of HBOS plc completes in January 2009.Committed to multi-branding
The combined Group is committed to a multi-brand strategy and will have a significant number of strong brands in its portfolio. In particular, Bank of Scotland, Halifax and Lloyds TSB will all continue to operate on the high street once the proposed acquisition is completed. The combined organisation will have the largest branch network in the UK. Work reviewing the other brands in the combined Group's portfolio continues.
Strong brands and largest branch network
Following completion of the proposed acquisition, the Halifax brand and retail branch network will continue to operate alongside Lloyds TSB in England and Wales. As a result, Lloyds Banking Group will have the largest branch network in England and Wales.
In Scotland, Bank of Scotland will be the banking brand used for retail and corporate business for the combined Group. Lloyds Banking Group will also have the largest branch network in Scotland.
The Corporate Banking business in England and Wales will continue under the Lloyds TSB brand. No decision has yet been taken about the use of the Bank of Scotland Corporate brand outside Scotland.
The integration of Bank of Scotland and Lloyds TSB Scotland's Retail and Corporate banking businesses will extend over a two to three year period.
No change for some time
A detailed review of the new Group's portfolio of brands, including the size and shape of the branch networks, is currently being undertaken. This work will not be completed for some time. Until then, there will be no change to any of the current brands, customers, branches or colleagues.
Eric Daniels, Lloyds TSB Group Chief Executive, said: "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."