Bank of Scotland & Halifax brand to stay after merger
Dec 05, 2008 | Comments 0
HBOS (LON:HBOS) group Halifax and Bank of Scotland will keep their brand names after the merger with Lloyds TSB (LON:LLOY) has gone ahead the bank announced.
Bank of Scotland will primarily be the brand used in Scotland, whilst Halifax will run along with Lloyds TSB brand in England and Wales. The new Lloyds Banking Group will become the largest branch network in the UK.
The merger deal is set to complete on the January 19, Lloyds have said no decisions will be made until then regarding any branch closures.
Lloyds have also said they are undecided regarding the number of registrations it holds with the Financial Services Authority (FSA) and if they will reduce them.
As part of the Financial Services Compensation Scheme, savers are only protected for the first £50,000 deposited with each holder of an FSA license. At presents if a customer holds both a Bank of Scotland Account and a Lloyds they are fully protected no both accounts by the FSA.
Source: BBC The Business film
Filed Under: Business News