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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.


Related stories:

Coop agrees bargain deal for 632 Lloyds branches

Lloyds and Co-op seal the deal on Project Verde

Lloyds to sell Japanese remittance business to Shinsei Bank