The finance group said that by the end of 2013 the majority of branches, products and services currently branded Lloyds TSB will operate under the Lloyds Bank brand.
The change in branding was first mooted in November 2009 when the group announced it would be selling a standalone retail banking business including the TSB brand name as part of the restructuring plan agreed with the European Commission.
There will be no change to Lloyds’ brands Halifax or Bank of Scotland, and no change to the Lloyds TSB marketing department.
The group has previously confirmed that its branches in Scotland will operate solely under the Bank of Scotland name.
According to the banking group, "the transition to Lloyds Bank will be carried out in several stages over the next three years" in an attempt to minimise the possibility of any disruption to customers.
It also stated that the planned approach also ensures "that the move to the new brand is carried out in the most cost effective way possible" by fitting in with the normal cycle of investment in our brands.
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 follow suit during 2012.
Graham Lindsay, managing director, customer experience, Lloyds Banking Group, said: "This is the first step in our planned journey to the new Lloyds Bank brand. We are introducing the new brand on a phased basis over the course of the next few years. This minimises disruption to our customers and ensures that we make the change in the most cost effective way possible."
As part of the restructuring plan agreed with the European Commission in November 2009, the Group agreed to sell a standalone retail banking business with at least 600 branches, a 4.6% share of the personal current accounts market in the UK and up to approximately 19% of the Group’s mortgage assets.
Under the terms of this agreement, the Group has up to four years to complete a sale and is in the preliminary stages of this process.
This business up for sale will consist of:
the TSB brand;
the branches and branch-based customers of Lloyds TSB Scotland and a related banking licence;
the branches, savings accounts and branch based mortgages of Cheltenham & Gloucester;
additional Lloyds TSB branches in England and Wales, with branch-based customers;
the Intelligent Finance brand and its customers and accounts.
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