Lloyds TSB bank to leave Bridlington

The Lloyds TSB Bank in Bridlington.
The Lloyds TSB Bank in Bridlington.

A HIGH street bank is set to sell 600 branches by the end of 2013 – including a Bridlington branch.

Lloyds TSB, in Manor Street, Bridlington, will no longer be owned by Lloyds Banking Group Plc and is just one of the many chosen to transfer to a new owner.

A new bank will be created by the transfer of the 600 branches and will be sold to another banking group, or floated on the stock market.

A spokesperson for the bank said that it is currently in exclusive talks with the Co-operative to take over the new bank, and the commerical terms for its sale have been completed.

The bank is required to transfer the branches to a new owner as a result of it receiving state aid, a form of assistance from a public body, during the banking crisis in 2008.

Lloyds, which currently serves over 30 million customers, is awaiting confirmation of the transfer to the Co-op before sending out information to the customers who are to be affected by the changes, so they can assess the impact it will have on people who bank with Lloyds.

A Lloyds press office spokesperson said that customers will not be affected by the changes until the transfer is complete in 2013, and for many the difference will only be a change in the name of their bank.

It was also said that staff in Bridlington will remain employed in the branch, but will eventually work for the new bank.

The spokesperson for Lloyds has said that there will be no disruption to services provided by the bank over the transfer period.