Lloyds TSB sell off to TSB... "It's your choice.."

matttye

JuicyJesus wrote: »

They are not allowed, by the EU's ruling, to stand in the way of customers being transferred. Presumably they are interpreting this as not providing undue assistance to customers who don't want to be moved.

That's quite a silly stance to take if they are doing that.

As soon as a customer indicates a wish to stay with Lloyds, they could help them to their fullest abilities and still not 'stand in the way.'

JuicyJesus

matttye wrote: »

That's quite a silly stance to take if they are doing that.

As soon as a customer indicates a wish to stay with Lloyds, they could help them to their fullest abilities and still not 'stand in the way.'

Well, that comes down to whatever Lloyds' agreement with the EU was specifically, and how they choose to action it (it is, after all, a matter for their judgment). Personally not how I would like them to go about things, but they have their reasons.

Thrugelmir

matttye wrote: »

As soon as a customer indicates a wish to stay with Lloyds, they could help them to their fullest abilities and still not 'stand in the way.'

The EU would probably slap a huge fine on Lloyds if it showed the slightest inclination to do so.

Funny how people are now so loyal. Yet majority of personal banking business is performed online. Haven't been into my own Lloyds branch for over 20 years now.

opinions4u

Why do people see it as "staying with Lloyds"?

The default plan is that you "stay with a part of LBG that will be rebranded TSB and eventually sold".

Let it happen. Then if you don't like it transfer to a firm that'll pay you £100 or so for the privilege.

abby1234519

I can't find any information about what will happen to people who have a lloyds loan and card. I assume these would be moved to the TSB bank but we were considering changing other halfs account to Halifax like me to make it easier. So now I am not sure what to do

Uxb

The 'problem' the the EU and regulators will be aware of is the possibility of most of the Lloyds customers opting back to remain with Lloyds - or at least those serious money holding accounts. (I expect Lloyds will be glad to get rid of the dross).
This would mean the that new group of branches being eventually sold up end up as just a load of buildings comprising the physical branches and next to no accounts within them!

This would totally defeat the main objective of the sale which is to introduce a new "all at once" major player into the high street banking scene - as I understood it complete with customers/accounts/back office systems.
This either by sale to a existing non-UK-wide banking business (UK or foreign owned) or floated off as a standalone new entity

So I can quite see that the regulators/EU would like to make it a difficult as possible to easily migrate your account back to Lloyds if you were one of those being transferred.

withnell

Regulators are requiring Lloyds to do this - they won't allow all the earmarked TSB accounts to be transferred back automatically, the whole point is a forced selloff.

If you want to open equivalent Lloyds accounts I'm sure they'll be happy to help you - in theory very few people will be affected because most people live/work near to the branch they opened the account at

bossymoo

opinions4u wrote: »

Why do people see it as "staying with Lloyds"?

The default plan is that you "stay with a part of LBG that will be rebranded TSB and eventually sold".

Let it happen. Then if you don't like it transfer to a firm that'll pay you £100 or so for the privilege.

Not quite. They will be separate entities and since co-op pulled out of the deal, the plan now is that those branches identified will be used to form an independent public offering, called TSB. I don't think there is enough time to go through another sale process now before the divestment deadline.

But in effect, as you say, customers can wait until after TSB goes it alone, or indeed apply now to switch to another bank entirely.

I'm not convinced there won't be some "rule" saying Lloyds can't offer TSB customers an incentive to switch back to them, for a period after the separation

opinions4u

bossymoo wrote: »

Not quite. They will be separate entities

Both of which will be, initially, owned by LBG. Probably for over 12 months.

System

As I understand it, the Commission's requirements were they sold either BOS or LTSB Scotland plus a % of accounts in GB.

It was LBG who decided what to sell to achieve the above not the European Commission.

JuicyJesus wrote: »

Well, that comes down to whatever Lloyds' agreement with the EU was specifically, and how they choose to action it (it is, after all, a matter for their judgement). Personally not how I would like them to go about things, but they have their reasons.