MSE News: Lloyds to sell branches to Co-op: what it means for you

Thrugelmir

bendipa wrote: »

Why would your aunt want to stay with a bank that nearly went bust, had to be bailed out by the taxpayer, and now has to sell off many of its branches just to stay solvent?

Total nonsense. HBOS was in trouble, in fact 48 hours away from going under. Hence the shot gun marriage. Lloyds was well managed until then.....

EU is forcing sale of "customers" (and therefore transferring the branches is the easiest way of achieving this request). .

poggs

Does anyone know what is happening have with with the other accounts I have with lloyds?

My current account is moving to the TSB. Fine, it was the TSB before lloyds bought it so I'm fine with that.

I am wondering about the lloyds personal loan I have and more to the point, the avios amex card.

How can they transfer that accross if TSB dont have a contract for avios? will they shut the avios amex account or open a new lloyds account just to service the avios card?

stclair

poggs wrote: »

Does anyone know what is happening have with with the other accounts I have with lloyds?

My current account is moving to the TSB. Fine, it was the TSB before lloyds bought it so I'm fine with that.

I am wondering about the lloyds personal loan I have and more to the point, the avios amex card.

How can they transfer that accross if TSB dont have a contract for avios? will they shut the avios amex account or open a new lloyds account just to service the avios card?

May the FAQs may answer your questions:

http://www.lloydstsbtransfer.com/key-questions/if-weve-contacted-you-about-moving-from-lloyds-tsb-bank-plc-to-lloyds-tsb-scotland-plc-and-you-are-a/you-are-a-loan-or-credit-card-customer/

bendipa

Thrugelmir wrote: »

Total nonsense. HBOS was in trouble, in fact 48 hours away from going under. Hence the shot gun marriage. Lloyds was well managed until then.....

EU is forcing sale of "customers" (and therefore transferring the branches is the easiest way of achieving this request). .

No, it's not actually. Lloyds were under no obligation to merge with HBOS. They did that of their own volition and got themselves into a heap of financial trouble as a consequence. Hence their share price fall of over £4 down to 25p a year or so ago..Ask any Lloyds shareholder what they thought of the merger. It's been well documented.

rb10

Thrugelmir wrote: »

Total nonsense. HBOS was in trouble, in fact 48 hours away from going under. Hence the shot gun marriage. Lloyds was well managed until then.....

bendipa wrote: »

No, it's not actually. Lloyds were under no obligation to merge with HBOS. They did that of their own volition and got themselves into a heap of financial trouble as a consequence. Hence their share price fall of over £4 down to 25p a year or so ago..Ask any Lloyds shareholder what they thought of the merger. It's been well documented.

HBOS Corporate was in trouble. For a time, the retail business (Halifax & Bank of Scotland high street branches) was able to support that. That part of the business was in really good shape, it was just the corporate part that dragged it under.

Lloyds TSB was the other way around - the retail part of the business was poorly managed and was losing money, being financially supported by other parts of the business.

Obviously we can't know how Lloyds TSB would now be performing had the merger not happened and HBOS taken over management of the Lloyds retail brands, but I would imagine that LTSB would be struggling, to say the least.

Thrugelmir

rb10 wrote: »

Lloyds TSB was the other way around - the retail part of the business was poorly managed and was losing money, being financially supported by other parts of the business.

The retail side of HBOS is well documented. A good read can found at

http://www.ianfraser.org/the-worst-bank-in-the-world-hboss-calamitous-seven-year-life/

rb10

Thrugelmir wrote: »

The retail side of HBOS is well documented. A good read can found at

http://www.ianfraser.org/the-worst-bank-in-the-world-hboss-calamitous-seven-year-life/

Whilst it's a highly subjective article, it does rather back up my points in post 126 - the retail side was ok, corporate made mistakes.

pqrdef

Well the Lloyds/HBOS mortgage book has been the cause of mutterings for quite a while. Which was the bad bit, LTSB or HBOS?

opinions4u

pqrdef wrote: »

Well the Lloyds/HBOS mortgage book has been the cause of mutterings for quite a while. Which was the bad bit, LTSB or HBOS?

The iffy mortgages will be HBOS. Not Halifax branded though. While they carried on selling Halifax branded 97% loans too far into 2008 the stuff sold through branches, call centres, web site and brokers was generally good quality.

TMB, BoS (not branch sales) and Birmingham Midshires is where the dodgy stuff will sit. TMB in particular. But it will be a fraction of the overall LBG book.

The Halifax and Bank of Scotland branch networks, with associated call centres, were in good nick. Strong products, great locations in most towns and very profitable. Market share growing. Lloyds TSB had a branch network in poor locations, with poor products leading to a shrinking market share.

When LBG was forced to dispose of branches by the EU, the ones they chose to keep in their entirity were Halifax and Bank of Scotland. More than happy to get shut of several hundred Lloyds TSB branches alongside the token sacrifice of 150 neglected C&G outlets.

black_taxi_2

Wow--just heard the news Sunday--money box bbc

Capital of Scotland--Edinburgh---all of lloyds are changing to co-op

The current account rates are rank

I'm jumping ship to hbos--this week