Lloyds Banking Group is reported to be weighing up plans to phase out Halifax in a move that would bring an end to one of Britain’s best-known banking and mortgage brands after 173 years.

Bosses at the banking giant, which owns Lloyds, Halifax and Bank of Scotland, are reportedly considering ending Halifax as a standalone brand this summer as the group continues to consolidate its branch network and retail banking operations.

The Halifax employed some 1,000 estate agents after a buying spree during the late 1980s and early 1990s by the lender that saw some 600 of estate agencies hoovered up, although the business venture was ultimately unsuccessful and LSL bought it in 2009 for £1. At the time Halifax said estate agency was no longer integral to its core business.

Combined network

This latest move follows wider integration of the group’s brands. Earlier this year, Lloyds confirmed customers could access services across Lloyds, Halifax and Bank of Scotland branches regardless of which brand they banked with, describing it as access to the UK’s “biggest combined branch network”.

Reports first published by The Sun, the cross-brand branch access was seen internally as a precursor to the planned retirement of the Halifax brand.

The paper claims customers would no longer be able to open new Halifax accounts through the brand’s app or website from July, with Halifax expected to stop taking new-to-bank customers entirely by October. Existing account holders would then be gradually migrated onto Lloyds-branded banking services.

The rumours come after Lloyds announced in February that it would close 95 branches across its three banking brands, including 31 Halifax sites, leaving a combined network of 610 branches.

We regularly look at the role our brands play in supporting our customers.”

Although no decision is said to have been made yet, a Lloyds Banking Group spokesperson told The Negotiator: “We regularly look at the role our brands play in supporting our customers. Our banking customers can already use any Lloyds, Halifax or Bank of Scotland branch, and see any of their products and services in any of their apps – there are no changes for our customers today.”

Founded in 1852 as the Halifax Permanent Benefit Building Society, Halifax later became Britain’s biggest mortgage lender before merging with Bank of Scotland to form HBOS in 2001.