Lloydstsb Internet Banking

Lloyds tsb is having to sell off some of its branches as a result of needing governement financial aid. It has until 2013 to sell of a certain number of branches which will upset many clients, particularly those that do not use Lloyds tsb internet banking and rely on a local branch.

New banking venture NBNK Investments has confirmed that it has made a bid to buy 632 Lloyds Banking Group branches.

NBNK did not reveal the value of its offer, but the BBC understands it is about £1.5bn.

Lloyds is being forced to sell the branches by European Commission competition authorities.

NBNK, which was co-founded by Lord Levene, chairman of insurer Lloyd's of London, said there was "no certainty that a transaction will be completed".

Lloyds has been given until the end of 2013 to dispose of the branches.

Two other potential bidders have been linked with the Lloyds disposal: Co-operative Financial Services and Sun Capital, a US investment firm.

Lloyds is having to sell the branches as a result of it needing state-aid from the UK government, which currently still holds a 41% stake in the bank.

The branches being sold include some of Lloyds' main Lloyds TSB brand, plus Cheltenham & Gloucester and Halifax outlets.
Original Source

This will be a blow to many elderly or infirm clients of Lloyds TSB that rely on local branches to perform their daily banking needs. Not everyone is keen to switch to Lloyds TSB online banking and prefer the personal touch that their local branch supplies. There are also those that remain uncomfortable with online banking and a local branch provides them with a feeling of security for the placement of their money and savings.