Lloyds TSB writes to customers over Co-op move

| September 27, 2015
Lloyds TSB writes to customers over move to Co-op

Lloyds TSB is writing to the 3.5 million customers affected by its sale of 632 branches to the Co-operative Bank.

Customers will start receiving letters tomorrow, officially informing them that their accounts will be moved to a new TSB Bank which will be run by the Co-op.

Lloyds Banking Group sold the branches under European rules, after it was bailed out by the government during the financial crisis and grew to a dominant size by rescuing smaller lenders at risk of collapse.

The Co-op has acquired 283 Lloyds TSB branches in England and Wales, 164 Cheltenham & Gloucester branches and 185 Lloyds TSB Scotland branches.

Customers who do not wish to move to the Co-op can register their wish to stay with Lloyds by telephone or by visiting a branch.

Account numbers and interest rates will be unchanged for customers who are switched.

Around a sixth of Lloyds鈥 30 million customers will be affected by the move.

A list of the 632 branches being transferred to the new bank is available at llloydstsbtransfer.com, although some insurance customers and private banking customers using these branches may not be switched.

In other banking sector news, Canadian banker Mark Carney has been named as the new Governor of the Bank of England.

Mr Carney, who will replace Sir Mervyn King, will be the first-ever non-British governor of the Bank.

He has previously worked for US investment bank Goldman Sachs for more than 10 years.

In a statement to the House of Commons, Chancellor George Osborne said:

鈥淢r Carney is unique amongst the potential candidates in combining long experience of central banking, huge international credibility in economics, deep expertise in financial regulation and a first-hand experience of private sector financial institutions鈥.

Mr Osborne paid tribute to Sir Mervyn and said he served with 鈥済reat distinction鈥 through 鈥渢he most difficult period of economic policy making of the modern age.鈥

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