Lloyds Banking Group is staying tight-lipped over reports the nearly 174-year-old Halifax brand is being scrapped.
In a statement to International Retail BankerA Lloyds Banking Group spokesperson said: “We regularly look at the role our brands play in supporting our customers. Our banking customers can already use any Lloyds, Halifax or Bank of Scotland branch, and view any of their products and services on any of their apps – there is no change for our customers today.”
It is understood that a final decision has not yet been reached.
The response follows a report from the sun suggesting the group plans to drop Halifax as a standalone brand this summer.
Industry experts cited by that publication indicated that the transition is scheduled to begin on July 1, at which time customers will no longer be able to open new Halifax accounts through the brand’s mobile app or website.
In October, Halifax will completely stop accepting new customers at the bank, beginning a gradual migration of existing account holders to Lloyds Bank. the sun reported.
This comes as Lloyds Banking Group chief executive Charlie Nunn prepares to unveil a new strategic plan at the end of July alongside the company’s half-year financial results. Its current five-year strategy was launched in 2022 and concludes in December.
Meanwhile, Lloyds has aggressively accelerated its technology integration in recent months, notably introducing a specialized artificial intelligence system to its boardroom last April.
Reported by The times In a first for a UK-listed blue-chip company, senior executives and directors are now using this “board robot” to review confidential material, help with meeting preparation and check for bias in corporate decision-making.
This digital push aligns with previous reports from The telegraph in March, which revealed that Lloyds Bank will no longer allow customers to open new accounts in person at physical branches, requiring the use of online services instead.
“Lloyds silent on Halifax phasing rumors” was created and originally published by Retail Banker International, a brand owned by GlobalData.
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