MSE News: Lloyds to sell 632 branches to Co-op: what it means for you

Yorkie1

In York centre there were, 10 years ago, 4 different branches: TSB, Lloyds, C&G, Co-op.

Today there's 2 Lloyds TSB, and a Co-op and a C&G.

When this is completed, there will be 3 Co-op branches within about 250m of each other, plus the single Lloyds TSB. Can't see 3 Co-op branches being sustainable long-term, can you?

gt94sss2

pcombo wrote: »

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.

Its an EU requirement that Lloyds sell branches as a condition of receiving their bailout.

Tax payers will benefit on the basis that we own so much of Lloyds. The question to ask is the sale price a good one or is it lower than they might otherwise have got - given they are forced sellers?

Regards
Sunil

MoneySaverLog

gt94sss2 wrote: »

Its an EU requirement that Lloyds sell branches as a condition of receiving their bailout.

Tax payers will benefit on the basis that we own so much of Lloyds. The question to ask is the sale price a good one or is it lower than they might otherwise have got - given they are forced sellers?

Regards
Sunil

So they are penalised for bailing out a failing bank in the first place. Double whammy. May be instead of selling LTSB / C&G Branches they should sell Halifax branches.

portlandboy

MoneySaverLog wrote: »

So they are penalised for bailing out a failing bank in the first place. Double whammy. May be instead of selling LTSB / C&G Branches they should sell Halifax branches.

Maybe it's time for the Government to consider selling our stake in the EU rather than trying to find ways around their restrictive rulings?
We ought to be asking the EU when they started caring about what banks are doing. They haven't shown much interest up till now.

System

The ruling is ultimately in our benefit - having LBG controlling so much is not good for competition.

I think they should be made to sell BOS and Halifax off as two separate banks also. Doubt they will though.

portlandboy wrote: »

Maybe it's time for the Government to consider selling our stake in the EU rather than trying to find ways around their restrictive rulings?
We ought to be asking the EU when they started caring about what banks are doing. They haven't shown much interest up till now.

coldhandoff

I'm glad I don't work for Lloyds right now.

cheese189

Interestingly enough, the Coop Bank bid to take over Girobank some years ago. Despite apparently bidding more than Alliance and Leicester, their bid was rejected as Mrs T didn't want a bank with the Coop's political history so close to Government.

poggs

Ive had my main account at the same tsb branch for 30 years. I did not move when lloyds bought them.

however I boycott all things co-op due to their anti Israeli pro terrorist stance. sadly I now must go elsewhere.

ho hum

MoneySaverLog

poggs wrote: »

Ive had my main account at the same tsb branch for 30 years. I did not move when lloyds bought them.

however I boycott all things co-op due to their anti Israeli pro terrorist stance. sadly I now must go elsewhere.

ho hum

So instead of stopping with a Verde branch just move to a non Verde branch. Problem solved.

pmduk

poggs wrote: »

however I boycott all things co-op due to their anti Israeli pro terrorist stance. sadly I now must go elsewhere.

ho hum

You'll be waiting for M&S banking to get off the ground then. There's no more anti-Palestinian company around.