Lloyds to delay UK branch closures

Taxpayer-backed Lloyds Banking Group today announced it was putting on hold further UK branch closures until the end of 2011 as its new boss Antonio Horta-Osorio completes a strategy overhaul.

Mr Horta-Osorio, who takes over as chief executive from Eric Daniels today, is also speeding up plans to offload more than 600 branches as part of its commitment to meet State aid rules.

The group has until the end of 2013 to complete the sale – which includes Cheltenham & Gloucester, the TSB brand and Intelligent Finance – and has to identify a buyer before the end of this year.

But it said it was pushing ahead with the plan after making “excellent” progress on integrating the Halifax Bank of Scotland business, rescued at the height of the financial crisis.