AN ELLON councillor has cautiously welcomed the change of ownership at Ellon Lloyds TSB.
Cllr Isobel Davidson told the Times that the branch would be sold to the Co-Operative Group as part of a £750 million deal to increase competition in the sector. She added that while the changes would be disconcerting for customers in the short term, in the long term the moves would increase competition.
Cllr Davidson commented: “This will be unsettling for local customers at first, as many people stay with the same bank for years. However the extra competition can only be beneficial in the long-run. A healthy banking sector relies on diverse banks competing for customers. The mutual approach to business gives people a proper stake in the places they work, spreading wealth through society. This deal will help throw open the retail banking market, and will help the industry move back to responsible banking by giving local people the choice of an ethical bank.”
The sale means the accounts of 4.8 million customers including 3.1 million personal current account customers will transfer to the Co-op. Lloyds TSB branches in Aberdeen, Banff, Ellon, Fraserburgh, Insch, Inverurie, Peterhead and Turriff will be affected by the transfer.