Lloyds kicks off agency talks ahead of bank launch
By Anne Cassidy, campaignlive.co.uk, Thursday, 28 June 2012 08:00AM
Lloyds Banking Group has called a multimillion-pound pitch to create the advertising to support the launch of a new retail bank, dubbed Project Verde.
The bank group is in early talks with agencies, thought to include Abbott Mead Vickers BBDO, Joint, 101 and Saatchi & Saatchi, as it looks to sell 632 of its branches to create the new high-street banking brand.
Lloyds is under pressure to sell or float the branches as a new independent bank, after the European Commission ordered it to dispose of them by November 2013 to comply with new regulations on state aid for banks.
Reports this week suggest that The Co-operative is close to announcing that it has reached an agreement to reverse its own bank branches into Verde to create the new bank in a deal costing up to £1.5bn.
However, the process has dragged on longer than expected and a stock market flotation of the branches is also seen as a possible option.
Verde comprises Lloyds TSB branches in Scotland and Cheltenham & Gloucester branches in England and Wales, as well as the online bank Intelligent Finance.
Lloyds has said it will update investors on the sale by the end of this month. Should the initial public offering go ahead, TSB will be used as the main trading name.
This article was first published on campaignlive.co.uk
- Senior Digital Designer Twist Recruitment £35000 - £42000 per annum + benefits, City of London
- Creative Artworker become £28K, Central London
- Online Sales Manager Ultimate Asset £25000 - £35000 per annum + Excellent Commission Potential, London
- Agency Sales Manager Ultimate Asset £23000 - £27000 per annum + Amazing benefits, London
- Agency Account Manager Ultimate Asset £27000 - £30000 per annum + Excellent Commission Potential, London
- Google becomes major UK advertiser after boosting spend by 50% in 2013
- Unilever pilots multi-brand advertising with YouTube beauty channel
- Sorrell says Publicis / Omnicom's 'merger of equals' is 'impossible'
- Gatwick rolls out 'guess the X-ray' competition
- Dove launches first cinema campaign with 'real beauty' sequel
- iProspect appoints chief media officer among four senior hires