Lloyds kicks off agency talks ahead of bank launch
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.
Lloyds TSB: London 2012 TV activity
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
Latest jobs Jobs web feed
- Brand Manager Radisson Blu Edwardian, London Competitive , South Kensington, London
- Head of Media, Marketing & Communications PGA Competitive, Sutton Coldfield, West Midlands
- Account Director- Exciting Online Content Marketing Company- Up to £70,000 plus OTE Cedar Scott Up to £70,000 basic (up to £90,000 OTE) plus share options, Central London
- ACCOUNT DIRECTOR/SENIOR ACCOUNT DIRECTOR - BTL/SP/Brand Experience - London - £45 - £55k plus bonus Judi Patton £45K-55K plus bonus, London/Greater London
- Senior Planning Director, International Agency, London, to £120k Fill Recruitment Ltd to £120,000, Central London
- Head of Customer Analytics - Consultancy Harnham £90000 - £100000 per annum + benefits, London
Integrated digital marketing offers huge opportunities to engage, servic...
Mobile marketing is coming of age, and the pace of change is now exponen...
With UK consumers spending an average of £1,083 a year online, int...
Conversational Mobile Marketing: Engage Customers and Empower Advocates (Expert Reports) External website
The pressure is on for marketers and mobile operators to embrace a strat...
As a nation, the UK is media and technology obsessed with over half of t...
All customers have the potential to become your brand advocates, driving...