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Halifax and Bank of Scotland to keep identities following Lloyds TSB acquisition

05 December 2008 / by Rachel Mason
Lloyds TSB has announced that following its acquisition of HBOS, the group's brands – Halifax and Bank of Scotland – will remain.

Speaking about the HBOS deal, Lloyds TSB says that it is "committed to a multi-brand strategy and will have a significant number of strong brands in its portfolio."

"Bank of Scotland, Halifax and Lloyds TSB will all continue to operate on the high street once the proposed acquisition is completed," it said in a statement today.

Lloyds TSB claims that the combined organisation will have "the largest branch network in the UK," and says it is continuing to review the other brands in its portfolio.

In England and Wales, both Lloyds TSB and Halifax will operate, offering all the usual services including mortgages and savings accounts, while in Scotland, the Bank of Scotland name will be the brand used by the combined Lloyds Banking Group.

The Corporate Banking business in England and Wales will continue under the Lloyds TSB brand while no decision has yet been taken about the use of the Bank of Scotland Corporate brand outside Scotland.

Lloyds TSB says that the changes will not happen 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."

Chief executive of the Lloyds TSB Group, Eric Daniels says Lloyds 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," he said.

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