Local branches of bank are sold

LLOYDS TSB has agreed terms with the Co-operative Group for the sale of 632 of their branches, writes Brian Stormont.

Locally, the Arbroath branch in Commerce Street and the High Street base in Carnoustie are part of the sale.

After hearing the news, Angus MSP Graeme Dey said: “I have spoken to Lloyds TSB seeking assurances about the impact this will have on local jobs. I have been informed that the terms and conditions of all staff will transfer over through TUPE.”

It is understood there will be no job losses.

Peter Marks, Group Chief Executive of The Co-operative Group, said: “We’re delighted to be announcing that we have reached agreement in principle with Lloyds Banking Group on the terms of this important and transformational transaction. This deal would deliver the biggest shake-up in high street banking in a generation. Consequently, we believe this would be a great deal for customers, for the public, for UK banking generally and for The Co-operative Group, in particular.

“It would be a great deal for customers because it would make the services of our member-owned, customer-led, ethically-driven, bank available to millions of people we’ve not been able to serve up until now.

“It would be a great deal for the taxpayer because as well as receiving a fair price up front, the deal would also mean they would share in the profits of the enlarged bank for years to come.”

Angus MP Mike Weir added: “Clearly this is good news in that these branches will be retained in our towns ensuring that there remains a real choice in banking facilities. It is ironic that the TSB brand will be making a comeback, although temporarily.

“At a time when confidence in banks is at an all time low it is encouraging to see the Co-operative, a mutual bank, making a major expansion into our High Streets. Hopefully this will see some return to more traditional banking

“I understand existing staff jobs will be transferred to the new bank, which is also good news for local employment.”