Cheltenham & Gloucester

Cheltenham & Gloucester

Type	Subsidiary undertaking
Industry	Finance and insurance
Founded	1850
Headquarters	Barnwood, Gloucestershire, United Kingdom
Number of locations	164
Products	Financial services
Employees	c. 1660 (branch staff)
Parent	Lloyds Banking Group
Website	www.cheltglos.co.uk

Cheltenham & Gloucester plc (C&G) is a mortgage and savings provider in the United Kingdom, a subsidiary of Lloyds Banking Group. C&G specialises in mortgages and savings products. Previously, C&G was a building society, known as the Cheltenham and Gloucester Building Society. C&G is one of the largest mortgage lenders in the UK. Its headquarters is in Barnwood, Gloucester, Gloucestershire, England.

History

A high-street branch of the C&G in Peterborough, Cambridgeshire.

Headquarters of the Cheltenham & Gloucester at Barnwood, Gloucestershire.

C&G can trace its roots back to the Cheltenham & Gloucestershire Permanent Mutual Benefit Building and Investment Association in 1850. At first the Society was based in Cheltenham, its first Gloucester branch opening in 1896. Over the next 80 years, it expanded throughout the UK, opening its 100th branch in Pershore in 1979. Throughout the 1980s, C&G acquired several smaller building societies, as consolidation of the sector intensified.

In 1997, C&G agreed to a takeover approach from Lloyds Bank. This involved the demutualisation of the society, and generated a windfall payment to its members.

Today, C&G mortgages are designed, marketed, sold and administered by Cheltenham & Gloucester plc, while Lloyds TSB Bank is the lender for C&G mortgages. On the savings side, C&G Savings is a division of Lloyds TSB Bank plc.

Planned closure of branches

On 9 June 2009, it was reported that Lloyds Banking Group were to close Cheltenham & Gloucester's 164 branches in November of that year, at the cost of around 1,660 jobs.^[1] Lloyds stated that the C&G brand name would be retained for mortgages and savings, while customers could use any branch of Lloyds TSB to access their accounts.^[2] However, on 19 August 2009, Lloyds announced that it was to review this decision.^[3]

Speculation has since arisen that Lloyds may sell off C&G, after the European Commission demanded in late 2009 that both it and Royal Bank of Scotland sell off existing branches in order to safeguard competition concerns, following their respective bail-outs by the UK government.^[4]

See also

• Mortgage loan
• Fixed rate mortgage
• Buy to let
• First time buyer
• Remortgage
• Financial Services Authority

References

1. ^ Jones, Alan (2009-06-09). "Lloyds branded a 'disgrace' for C&G branch closures". London: The Independent. http://www.independent.co.uk/news/business/news/lloyds-to-axe-campg-branches-1700368.html. Retrieved 2009-06-09. 
2. ^ "Lloyds closing all C&G branches". BBC. 2009-06-09. http://news.bbc.co.uk/2/hi/business/8090683.stm. Retrieved 2010-09-23. 
3. ^ "Lloyds to 'review' closure of C&G". BBC. 2009-08-19. http://news.bbc.co.uk/2/hi/business/8209923.stm. Retrieved 2009-06-09. 
4. ^ "RBS and Lloyds set for sell-offs". BBC. 2009-11-03. http://news.bbc.co.uk/2/hi/8339115.stm. Retrieved 2010-09-23. 

External links

• Cheltenham and Gloucester homepage
• Cheltenham and Gloucester mortgages
• Cheltenham and Gloucester savings

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