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

BugsyBrowne

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

Who gives a toss about Israel.

pinkdalek

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.

My thoughts on this.....if it was my business I would be more inclined to keep the Halifax and its brand, due to the size of their savings and mortgage base. Also have you compared a Halifax branch to a Lloyds TSB one? The Lloyds branches in my area are quite old fashioned, dated and not very consumer friendly. Compare that to the Halifax branches in my area, much more open planned, friendlier feel and modern.

Whilst LTSB bailed out a failing bank it was not down to the sales results that were made from their "retail" element (branches). And let's not forget it was the previous government that allowed the takeover to go ahead as not to brankrupt the country!

rb10

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.

It's the Halifax brand that's keeping the retail side of LBG afloat at the moment - they'd be bonkers to sell even just bits of it off.

Now that Lloyds products are (primarily) being managed as HBOS products are, they are improving in profitability, but there's still some way to go.

It's no surprise that they sell off parts of the less profitable part of the business - Lloyds TSB.

There are in fact many people who believe that the retail side of Lloyds TSB (i.e. the bit that you and I see in the street) would have failed had it not taken on HBOS.

njm123

I presume that customers who don't want to move to the rip off operation that is the co-op will be compensated for the time they have to spend moving their accounts to a bank they choose to use.

It's outrageous to force the customers to move their accounts themselves if they don't like the co-op, and I've never had a good experience with them, rip-off charges on cards, slash interest rates on savings to lower than everyone else so they can feel good about themselves with ethical investment at our expense plus they were a nightmare to deal with over a probate I dealt with - in contrast to Lloyds who were extremely helpful.

The customers should be asked if they want to stay with Lloyds or move to the co-op.

MoneySaverLog

njm123 wrote: »

The customers should be asked if they want to stay with Lloyds or move to the co-op.

Much as I agree with that, it wont happen. Mainly due to the terms of the sale, the customer has to initiate the transfer themselves if they are not happy.

opinions4u

njm123 wrote: »

I presume that customers who don't want to move to the rip off operation that is the co-op will be compensated for the time they have to spend moving their accounts to a bank they choose to use.

.

It's a competitive world out there. Switch to a new provider when they are offering an incentive and you can effectively be compensated that way.

amiehall

njm123 wrote: »

The customers should be asked if they want to stay with Lloyds or move to the co-op.

I definitely agree but if the terms are anything like the RBS sale, Lloyds will be specifically banned from encouraging sale customers in any way to remain with Lloyds.

organic_wanabe

My family have 9 Vantage accounts between us with Lloyds TSB Scotland which will become The Co-op. I presume the Co-op will keep the same terms and conditions to start with, but for how long? I am now wondering if it would be best to close them and re-open with a branch down South?

opinions4u

organic_wanabe wrote: »

My family have 9 Vantage accounts between us with Lloyds TSB Scotland which will become The Co-op. I presume the Co-op will keep the same terms and conditions to start with, but for how long?

They can lower the rate by giving two months notice. But they may have more exciting plans for their newly acquired customer base. Who knows?

I am now wondering if it would be best to close them and re-open with a branch down South?

Or get a near identical product in Scotland from Bank of Scotland?

http://www.bankofscotland.co.uk/bankaccounts/vantage/

pfv

What I haven't seen anywhere is what the Co-op are going to do with C&G branches close to their existing ones. In Derby the existing (relatively new and large) Co-op branch is next door to the (relatively recently refurbished and large) C&G branch. Are they going to leave two separate branches next door to each other, knock them into one (very large) branch, or close one, and in either event how does these two branches becoming part of the same bank increase competition?

The same questions apply to the various (government inspired) takeovers by Santander. In Derby at one end of the City Centre we have two branches (one ex B&B, the other ex A&L) across the road from each other, and at the opposite end of the City Centre we have the RBS branch (soon to be taken over by Santander) across the road from the original Abbey National (rebranded as Santander) branch. How does reducing four banks to one increase competition, and will all four branches remain open or will they be reduced to one or two?

The net result seems to be that where we had a choice of six banks and branches (albeit two of them subsidiaries of other banks which are remaining in the City) we will shortly have only two banks, and probably three or maybe even two branches!