Lloyds stays mum over rumoured Halifax phase-out

Lloyds Banking Group is tight-lipped on reports of scrapping the nearly 174-year-old Halifax brand.

In a statement to Retail Banker International, a Lloyds Banking Group spokesperson said: “We regularly look at the role our brands play in supporting our customers. Our banking customers can already use any Lloyds, Halifax or Bank of Scotland branch, and see any of their products and services in any of their apps – there are no changes for our customers today.”

It is understood that no final decision has been reached yet.

The response follows a report by The Sun suggesting that the group plans to phase out Halifax as a standalone brand this summer.

Industry insiders cited by that publication indicated the transition is slated to begin on July 1, at which point customers will no longer be able to open new Halifax accounts through the brand's mobile application or website.

By October, Halifax will completely cease taking on new-to-bank customers, initiating a gradual migration of existing account holders over to Lloyds Bank, The Sun reported.

This comes as Lloyds Banking Group chief executive Charlie Nunn prepares to unveil a new strategic plan at the end of July alongside the company's half-year financial results. His current five-year strategy launched in 2022 and concludes this December.

Meanwhile, Lloyds has aggressively accelerated its technology integration in recent months, notably introducing a specialist artificial intelligence system into its boardroom this past April.

Reported by The Times as a first for a UK-listed blue-chip business, senior executives and directors are currently utilising this "board bot" to review confidential material, assist with meeting preparation, and check for bias in corporate decision-making.

This digital push aligns with earlier reports by The Telegraph in March, which revealed that Lloyds Bank will no longer allow customers to open new accounts in person at physical branches, mandating the use of online services instead.

"Lloyds stays mum over rumoured Halifax phase-out" was originally created and published by Retail Banker International, a GlobalData owned brand.

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