The Co-Operative Group has pulled out of its purchase of 632 branches from Lloyds Banking Group, blaming the current economic environment and increasing regulatory requirements.
Michael Ossei, personal finance expert at** Uswitch.com, says: **“The banking revolution has got off to another false start. The purchase by the Co-Op would have shaken up the high street and really given traditional banks a run for their money. As a well-liked and highly trusted brand the Co-op deal was set to kick start real competition in the sector. This news places a dent in the potential choice available to consumers when it comes to banking on the high street.
“That said, the news that the branches in question will now be rebranded as TSB and floated on the stockmarket offers a glimmer of hope to consumers. Despite remaining under the Lloyds umbrella, the new TSB brand has an opportunity to stand out from the crowd with new, competitive products – in particular savings, current accounts and loans. Only time will tell whether TSB will rise to the occasion.”
FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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