Advertisers have hailed the potential sale of the Lloyds bank branches in Scotland as a “tremendous” re-branding opportunity to help regain the public’s trust.
David Black, creative director of Red Dress, an Edinburgh-based advertising company, said the sale would allow the new owner to breathe new life into the bank.
“When re-branding you want to first assess how the customer feels about the brand, and the banks aren’t doing too great,” he said.
“I mean, at this stage, you don’t want to look like a bank, it’s just not a good image.”
Lloyds Banking Group was created last year, following the forced merger between HBOS and Lloyds TSB in government attempts to keep the bank afloat.
HBOS, a merger between Bank of Scotland and Halifax, got into trouble as a result of risky lending practices.
The sale, which would be the third time the bank is being sold in a decade, is part of class=”hiddenSpellError” pre=”of “>Lloyds TSB’s attempt to please European regulators, who are accusing the company of having an unfair advantage in the market.
The Herald reported a senior official within the bank had said it was his “understanding” Lloyds TSB Scotland would be sold as an attempt to please the EU regulators.
Marketing expert Mr Black explained that the new owner of the bank would be offered the opportunity to break free from the traditional banking image, appealing to a large amount of customers.
“In this instance you have a potential customer base of 100 per cent, as we all need to use banks, about 90 per cent however have lost their trust in the product.
“I think it was Einstein who said that the definition of insanity is doing something over and over again and expecting the same result, and this is exactly what the banks are doing.”
Mr Black added that a smaller bank would once again offer the customer a more comforting and familiar environment.
“Lloyds have fallen foul of their own success in the sense that they have become so big, they have lost contact and trust with the customer.”
