Lloyds in U-turn over branch closures

Lloyds Banking Group is reconsidering its decision to close all branches of its Cheltenham & Gloucester (C&G) subsidiary.

C&G

The U-turn could see branches staying open despite an announcement in June that all 164 branches would close in November.

The decision to close C&G came as part of an overhaul of the mortgage businesses.

At the time of the announcement C&G customers were told they could manage their accounts through Lloyds TSB branches, but they will now be able to continue to use the C&G network as normal.

C&G staff have all been notified of the review.

The group, which is 43% owned by the taxpayer, posted a loss of £4bn earlier this month, pushed into the red after the acquisition of HBOS in January led to an impairment charge of £13.4bn.

The acquisition also led to a review of the banking group’s media planning and buying accounts in April.

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