Lloyds to rebrand 632 branches
Regardless of whether the deal to sell Lloyds branches to the Co-operative Bank goes ahead, Lloyds will rebrand 632 branches under the TSB name.
The deal has hit problems regarding whether the amount of capital the Co-operative plans to set aside for the new operation will satisfy regulators.
The deal is looking increasingly shaky, and it is thought that Lloyds could well still dispose of the branches without the Co-operative.
It is thought that Lloyds chief executive Antonio Horta-Osorio wants the matter settled before the end of June.
If the Co-operative cannot commit by then it is thought Lloyds will go ahead with trying to run the branches as a stand-alone bank through a public share offer.
This begs the question – if the branches don’t go to the Co-operative and are ultimately floated will they use the Lloyds Bank panel? Or will they develop a separate panel? If so will it be an open or closed panel?