Lloyds says in a statement that the transition to Lloyds Bank will be carried out in several stages over the next three years “to minimise the possibility of any disruption to our customers”.
Lloyds Bank Corporate Markets will be the first UK based-part of the Group to operate under the new name and will start its rebranding process later this year.
The majority of the Group’s other Lloyds TSB branded business units are expected to rebrand during 2012.
Lloyds TSB has been in existence since the merger of Lloyds and TSB in 1995.
Parent Lloyds Banking Group, which also owns the Halifax and Bank of Scotland brands, is now 41% owned by the Treasury.
The move is part of the restructuring plan the part-nationalised banking agreed with the European Commission last year after the Commission’s report into state-aid.
As part of the plan, Lloyds Banking Group announced it was to sell its TSB brand.
Lloyds adds that the change does not affect its Halifax or Bank of Scotland brands. The Group previously confirmed that its branches in Scotland will operate solely under the Bank of Scotland name.