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Lloyds TSB to close up to 700 branches

Lloyds TSB (LLOY.L: Quote, Profile, Research) is looking for property agents to oversee the closure of up to 700 high street branches once its planned takeover of HBOS (HBOS.L: Quote, Profile, Research) completes, the Independent on Sunday reported.

The Independent said Lloyds had approached property agents including DTZ, Jones Lang LaSalle and CB Richard Ellis last week.

The paper quoted an unnamed property source as saying that 600-700 of the two banks' 3,000-strong combined branch network were likely to be closed.

A Lloyds TSB spokesman said the two banks had not yet discussed branch closure plans.

"It's far too early. That's not a number I recognise," the spokesman said.

Lloyds agreed to buy HBOS on Wednesday for 12.2 billion pounds in shares, encouraged by the government amid fears turmoil in financial markets could claim another UK victim.

Source: http://uk.reuters.com/

Print   2008-09-22