Lloyds TSB to keep Halifax and Bank of Scotland brands

Lloyds TSB is to keep the Bank of Scotland and Halifax brands after the merger between the bank and HBOS.

The lender said it was "committed to multi-branding" and all three names will remain on the high street.

The Halifax brand and retail branch network will continue to operate alongside Lloyds TSB in England and Wales.

In Scotland, Bank of Scotland will be the banking brand used for retail and corporate business – quashing fears the name of the bank that pre-dates the union of England and Scotland would survive.

However, the firm has not ruled out branch closures.

A spokesperson said: "There will be some rationalisation as a part of combining the groups."

Unions are now pushing to save as many jobs as possible.

Derek Simpson, Unite joint general secretary, said: "We will not accept any compulsory job losses."

"The union's priority remains the job security of the hard-working staff who have worked tirelessly to ensure that both financial institutions continue to deliver an excellent service to their customers.

"We will also fight to ensure that no branches are closed in areas where they are currently the last bank locally."

He added: "It is vital that management do not forget the impact of any changes on all the stakeholders, including: staff, local business and communities."

It is also unclear how much protection savers will have from the new group.

Lloyds TSB be has not decided whether the three groups will be registered separately with the FSA.

If a single registration is opted for savers will only have £50,000 protection from the Financial Services Compensation Scheme (FSCS) – even if they have separate accounts under different brands.