Lloyds to keep brands post-merger

Lloyds TSB has said it will keep the Halifax and Bank of Scotland brands after completing its merger with HBOS.

Halifax will operate alongside the Lloyds TSB brand in England and Wales, while Bank of Scotland will be the primary brand used in Scotland.

Lloyds Banking Group will have the largest branch network in Britain.

No decisions will be taken about the closure of branches before the deal is completed, which Lloyds expects to happen on 19 January.

And it has yet to decided whether to reduce the number of registrations it has with the Financial Services Authority (FSA).

Savers are only protected by the Financial Services Compensation Scheme for the first £50,000 deposited with each holder of an FSA licence.

Currently somebody with one account at Lloyds and one at Bank of Scotland would have full protection for both.

Closures expected

Lloyds has said that the detailed review of how the banks will be integrated, including what will happen to the branch network, "will not be completed for some time".

Many of the combined group's 3,000 branches are expected to be closed, especially when they are located near each other.

There are also question marks over the future of Lloyds TSB's current mortgage brand, Cheltenham & Gloucester which is dwarfed by the size of the Halifax.

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