A deal involving Lloyds branches moving across to Co-op will complete by next year - if you are a Lloyds customer, how will you be affected?
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Some customers who registered at Lloyds TSB branches in England and Wales will be moved as well — see the full l ist here. Under plans, branches sold to Co-op will firstly rebranded to TSB next summer ahead of the deal being finalised in November They will then transfer to Co-op under the TSB brand, although there is no timeframe mentioned by Co-op of when this will definitely happen.
Once the move is completed, the Co-op Bank will have a network of almost 1, branches across its portfolio of banking brands and will have approximately a seven per cent share of the current account market.
Lloyds says that once the agreement is fully in place, it will write to customers whose accounts will be transferring with more details on how it will impact them.
Yes - however, it may transpire that you won't have a Lloyds in your local area as the branch would have been re-branded to Co-op, or TSB as it will be known. Lloyds says it will write to customers and you can decide to stick with them if you wish, although the process is yet to be fully revealed as to how it will work. Lloyds Banking Group will rebrand its network of 1, Lloyds TSB branches.
The name of the re-brand has yet to be revealed.
And says it will keep customers up-to-date with any plans. The Co-op says it will shift its own customers to the TSB back office. But taking on 4. But it will be completely ring-fenced from the rest of Lloyds Banking Group and won't take place for a few years. To Co-op has a range of paid for and free current accounts on offer to customers through its Co-op Bank brand. For the fee-free current account, the Co-op charges Nationwide, the biggest rival mutual, charges Some customers may be mortgage customers with Lloyds and may be transferred to the Co-op as part of the deal — however, neither bank is quite sure who will move.
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