Lloyds Group to axe C&G

Cheltenham & Gloucester (C&G) is to become a product-only brand, after parent company Lloyds Banking Group confirmed plans to close the former building society's 164 high-street branches.

The C&G name will be retained for mortgages and savings products, in a strategy similar to that adopted by Barclays with the Woolwich brand. Branch closures, set to take place in November, will lead to the loss of more than 900 jobs.

At the same time, HBOS will withdraw its Intelligent Finance brand from new mortgages, and Bank of Scotland mortgages, which had carried Halifax branding, will now be branded BoS.

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