MEC, the five year incumbent, is believed to be battling with Dentsu Aegis Media’s Vizeum for the business following the exit of Starcom MediaVest Group.
Vizeum used to handle the HBOS brands before they were consolidated with Lloyds TSB in 2009.
The two remaining teams led by Stuart Bowden, co-chief executive of MEC and Richard Morris, managing director of Vizeum, are said to be locked in final submissions and Q&As before a decision is expected within the next two weeks.
The pitch process being led by Catherine Kehoe, the managing director, brands & marketing at Lloyds Banking Group, has been praised for its rigour.
Confirming they were no longer involved in the review, Iain Jacob, president of dynamic markets at Starcom MediaVest Group, said: "It was a genuine pleasure be part of this pitch process".