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Lloyds Bank take over

Lloyds Bank is in talks and preparations to be taken over by the Co Operative Banking Group. A deal has been struck for the Co op to take over 632 high street banks, the final hand over should take place next April.

Ironically the other day, the team at Select Factoring were discussing the fact that the Royal Bank Of Scotland take over by banking super power Santander, has been a bit quiet, no news, nothing in the media. Sure enough, the next day I received a letter from RBS noting that the takeover is still in the pipeline but its taking a rather long time to sort everything out.

What do these take overs mean to customers? We’ll generally accounts and money doesn’t physically change but you will be banking with a new group and hopefully improved facilities and customer service.

When the Co op builds its presence on every high street, not only will it provide banking but a mix of retail banking and post office services. Although great for customers and public, nothing has been really mentioned about business banking, regarding the Co op take over.

Businesses may still have to seek alternative funding such as asset based financing and invoice financing.

The take over’s of bank is a good thing, but it doesn’t mean that they will open the flood gates and provide funding as easily as they did before. Despite a push from the government to ease lending, the banks seem a bit slow off the mark and customers become frustrated.

Incredibly the small short-term loan has increased in popularity, allowing people the freedom of money before their pay-day. Managed well these loans are quick and handy, miss managed you could be paying and incredible amount of interest on this small and short-term loan.

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