Lloyds sets out brand strategy for new mega lender

Halifax and Lloyds TSB brands will be the dominant brands of the new Lloyds Banking Group in England and Wales but there is no word yet on the future of BM Solutions, Intelligent Finance and Cheltenham & Gloucester.

In Scotland, Bank of Scotland will be the banking brand used for retail and corporate business for the combined Group.

But in addition to no word yet about the future of Lloyds TSB brand Cheltenham & Gloucester, there is also no word yet about the future of HBOS brands BM Solutions and Intelligent Finance.

Lloyds says the combined group – provided the merger goes through in 2009 – will have 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.

It says the combined organisation will have the largest branch network in the UK.

The corporate banking side of its 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 2 to 3 year period.

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, group chief executive of Lloyds TSB, 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.”