20 July 2012

Lloyds Bank Deal Will Safeguard North-East Bank Branches and Jobs - Stevenson

Banffshire & Buchan Coast MSP Stewart Stevenson has welcomed the announcement by Lloyds Banking Group that it is to sell the former TSB Scotland branches in Buckie, Banff, Fraserburgh and Peterhead to the Co-operative Bank. 

The local MSP says that the move should secure the future of the branches and local jobs as a result.  Lloyds Banking Group owns Bank of Scotland which also has branches in each of the towns.  When Bank of Scotland and Halifax merged, all local Halifax branches closed leading to a reduction in competition and choice in the high street.

Commenting, Stewart Stevenson said:

“While there are a number of areas which are still to be clarified, I welcome the fact that these former TSB Scotland branches will now once again be operating independently from Lloyds Banking Group.

“History shows us that where a bank owns more than one branch in a town, it is not too long before there are closures and only one branch is left.  We have seen this quite recently with the Bank of Scotland and the Halifax, but also in the past with the Royal Bank and the National Commercial Bank, and the Clydesdale and the North of Scotland Bank.  I am convinced that had things carried on, we would have seen the closure of either the Bank of Scotland branch or the Lloyds TSB branch in each town where they both have a presence.

“With the Co-operative Bank taking over the business, this should mean increased choice and competition, which can only be good for the consumer.  In addition, this should also mean that the jobs in these branches are secure for the future.

“The Co-operative have said that they will use the TSB brand from Summer 2013 and, as a respected name with a long history of providing banking services in the North-east, I would like to see that continue.”

Stewart Stevenson
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