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MSE News: Lloyds to sell 632 branches to Co-op: what it means for you
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Some interesting titbits from the Co-op website
Paul Pester, the Lloyds man running the Verde sell-off, will take over as CEO of Co-op Banking Group.
This may help to explain why the Co-op have got such a good deal. It should be a good omen for Verde customers - he won't want to sell them down the river if he's selling them to himself. And it should help the Co-op to raise its game.
Pester has been CEO at Virgin Money, Santander UK, and Moneyfacts. No mutual background though.
It looks like Lloyds is lending the Co-op a pile of money to pay for all this. We might wonder who's really going to own it.
The Co-op will run Verde as TSB "separately for a period of time ahead of integration with the existing Co-operative Banking Group business".
The Co-op will pay Lloyds (indefinitely) to run the IT for TSB and the eventual merged bank. The migration of existing Co-op customers to Lloyds' IT won't start before 2015.
Well moving Lloyds customers onto the Co-op website would have been a bit farcical.
(We are going to get confused between Paul Pester, Stephen Hester and Robert Peston. May as well just regard all the surnames as interchangeable, as is already traditional with Richard/Stephen Hawkin/Dawkings.
Pester Blumenthal runs a cafe called the Fat Cat.)"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Where can I find a list of Lloyds branches being taken over?Make £2025 in 2025
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Come on MSE, get your act together.
Why do we have two Official MSE threads on exactly the same subject ?
How about merging them ?
https://forums.moneysavingexpert.com/discussion/36757590 -
ridiculous so it is, They get bailed out by the tax payer then sell all the branches and accounts and no doubt the tax payer wont see any that money.
Looks like i wont have a bank account after the move since co-op wont give me there cashminder account.0 -
Some interesting titbits from the Co-op website
Paul Pester, the Lloyds man running the Verde sell-off, will take over as CEO of Co-op Banking Group.
It looks like Lloyds is lending the Co-op a pile of money to pay for all this. We might wonder who's really going to own it.
The Co-op will run Verde as TSB "separately for a period of time ahead of integration with the existing Co-operative Banking Group business".
The Co-op will pay Lloyds (indefinitely) to run the IT for TSB and the eventual merged bank. The migration of existing Co-op customers to Lloyds' IT won't start before 2015.
So Lloyds TSB becomes two separate things, Lloyds and TSB, with each being managed by a Lloyds bloke, both running on Lloyds IT.
Is this a sale of branches/customers from Lloyds to the Co-Op, or the early rounds of a takeover of the Co-Op bank by the Lloyds banking group?0 -
What price customer choice when this is being forced on customers ....0
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The other day I saw the Treasury minister on TV telling us that reducing the size of the Lloyds Banking Group was good for competition, as smaller banks can offer more choice to the public. He then followed it up with "The sale to the Co-op will make the Co-op the 5th largest bank in the UK, making it a big player and a force to be reckoned with." Doesn't that make them a big bank that will not be "good for the customer"?Note to Self: When posting, remember to keep within "forum rules" to avoid upsetting other "interested parties"0
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Where can I find a list of Lloyds branches being taken over?
Here:
http://www.lloydstsb.com/media/lloydstsb2004/pdfs/Verde_transferring_branches.pdfNote to Self: When posting, remember to keep within "forum rules" to avoid upsetting other "interested parties"0 -
When companies start working together as closely as Lloyds and the Co-op will have to, they usually end up in bed together.Mandelbrot wrote: »Is this a sale of branches/customers from Lloyds to the Co-Op, or the early rounds of a takeover of the Co-Op bank by the Lloyds banking group?
The OFT has got a huge problem, I think, figuring out how Lloyds and the Co-op can be made to "compete" with each other, without giving Lloyds a green light to just try to grab all their ex-customers back."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
What a pity they encouraged so many takeovers in the past.portlandboy wrote: »The other day I saw the Treasury minister on TV telling us that reducing the size of the Lloyds Banking Group was good for competition, as smaller banks can offer more choice to the public.
Hopelessly confused about competition."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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