All Cheltenham & Gloucester branches to closeBut Lloyds banking group to keep C&G brand
09 June 2009
Lloyds Banking Group is to close all 164 branches of Cheltenham & Gloucester from November with the loss of almost over 1,600 jobs.
Lloyds says customers will be unaffected by the change and will be able to use branches of LloydsTSB.
It added the C&G brand will still be used for savings and mortgages.
Lloyds: C&G an 'important brand'
Lloyds has stressed the Cheltenham & Gloucester brand is important to the group which faces tough decisions after another of its divisions, HBOS, made huge losses of £10.8bn in the last financial year.
It is also the main mortgage lending brand of Lloyds, which at the end of last year boasted a 27.5% share of net new mortgage lending and total outstanding mortgage balances of £112.9 billion, up 11% on the previous year.
Cheltenham & Gloucester name to remain
Industry experts have suggested that Lloyds has chosen to drop C&G in favour of the Halifax name which it acquired with the purchase of HBOS and which is perceived as being a stronger brand.
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