As part of yesterdays announcement that Lloyds TSB plc is selling part of its business to The Co-operative Group (632 branches together with most of the accounts held at them), due to European Union/Commission State Aid and competition rulings, Lloyds indicated that it WAS NOT transferring its internet bank Intelligent Finance (IF) to the Co-Op.
On its website If.com they inform customers that:
“Intelligent Finance is not included in the transfer
Following detailed discussions with The Co-operative Group, our Intelligent Finance business will no longer be included in the transfer of part of our business. This is because it did not fit with The Co-operative’s strategic requirements. So, you can continue to bank with Intelligent Finance as normal”.
The bank itself has had an interesting history and initially was a leader in the online banking field having been founded in 2000 in Scotland and sponsoring at differing times the Scottish Premier League and the Perrier Comedy Awards.
Its future now looks a little glum as rumours abound that it likely may have to be run down by Lloyds.
A Smile or Smile.co.uk (we like the.co.uk!) (the Co-Operative groups online bank) though looks as if it has a happy and expanding future following this major banking expansion by the Co-operative Group. Founded a year before IF in 1999 arguably it was the first FULL internet bank and continues to reside in Stockport.
We look forward to a range of iSmile products!