Lloyds Banking Group PLC (LSE:LLOY) will begin offering customers services from Halifax, Bank of Scotland and its flagship brand through any of the three companies’ branches.
Lloyds owns each of the brands, with the latest shake-up coming as the industry grapples with a move away from in-person to online banking.
Customers would have more choice and flexibility following the move, Lloyds said, with a date for the change yet to be confirmed.
Speculation has emerged that the move could pave the way for further closures, after Lloyds has shut dozens of sites since February 2022.
“As with many industries, most of our customers are moving to mobile and online banking because it is faster, easier, and more convenient,” Lloyds said in a statement.
Following the already-announced closures, Lloyds is set to collectively operate 892 branches.
Some 447 of these will be under the Lloyds brand, with 341 Halifax and 104 Bank of Scotland.
The BTU, which markets itself as an independent union for Lloyds Bank staff, warned the shake-up could pave the way for a new round of closures in the future.
“The co-serving of customers is not about engagement or choice,” BTU said in response.
“It's about making it easier for Lloyds to close more branches and save more money.”