Martin welcomes C&G rethink (Cheltenham Liberal Democrats)

Cheltenham Liberal Democrats <info@cheltlibdems.org.uk>

Martin welcomes C&G rethink

August 25, 2009 3:06 PM

LOCAL MP Martin Horwood has given a cautious welcome to the decision by Lloyds Banking Group to reconsider the closure of all its C&G branches - including two in Cheltenham.

The planned closures were announced following the merger of the two publicly-supported banks Lloyds TSB and HBOS earlier this year in the wake of the crisis in the banking sector. The merger is still under investigation by the European Commission to see whether it breaches competition rules.

Martin commented: 'It always looked like a strange and rushed decision to close the C&G branches when the ink wasn't even dry on the merger deal. C&G is a brand with a trustworthy heritage and a loyal customer base. At a time when the reputation of the big banks is at an all-time low, that seems to me the kind of brand you should be building up not undermining. So this is a welcome rethink by LBG and it means the Cheltenham branches won't be closing in November as expected. Let's hope it translates into long-term investment in the C&G brand.'