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Lloyds Banking Group plans to write to over 3m of its customers who will be affected by the sale of its 632 branches to UK’s The Co-operative Bank (Co-op).

The letters are to officially inform customers that their accounts will be moved to a new TSB Bank run by the Co-op unless they request to stay with Lloyds.

However, customers of Lloyds TSB Scotland will not see any change in their banking licence and are currently not being written to.

The Co-op has acquired 283 Lloyds TSB branches in England and Wales, 164 Cheltenham & Gloucester branches and 185 Lloyds TSB Scotland branches.

The sale of the Lloyds branches, also known as Project Verde, was forced by European Union rules after Lloyds was bailed out by a UK taxpayer funded bailout of up to £20bn during the 2008 financial crisis.

Customers who are being switched over will keep their account numbers and interest rates.

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