All Cheltenham & Gloucester branches to closeBut Lloyds banking group to keep C&G brand

09 June 2009

Cheltenham and Gloucester logo

Lloyds Banking Group is to close all 164 branches of Cheltenham & Gloucester from November with the loss of almost over 1,600 jobs.

The news comes barely a week after the spanish banking group Santander announced its Bradford and Bingley, Abbey and Alliance & Leicester brands would vanish from the British high street.

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.

pound coins

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