Millions of Lloyds Banking Group customers are at risk of confusion after Huffington Post UK discovered customers could find their branches rebranded twice in two years.
As a result of the state aid received by Lloyds Banking Group in 2009, the European Commission ruled it had to sell part of our business to a new owner to increase competition and customer choice in the UK banking sector.
The Co-operative agreed earlier this summer to buy 632 Lloyds bank branches, although the final contracts have not yet been signed.
However, even if the Co-op deal goes through, Lloyds has been forced to set up an entirely new bank - which will be branded TSB - for customers to be moved into in the meantime.
The 632 branches have 4.8 million customers, including 3.1 million personal current account customers - making the new bank have 7% of the UK's personal current account market.
However, speaking to the Co-op on 31 October, a spokesman said it was "too early to say" whether the TSB customers would face a second rebranding of their branches and current accounts in the event of a Co-op takeover.
"We've not yet signed the sale of purchase agreement, so it's too early to say what will happen - no final decisions have been made," a spokesman told Huff Post UK.
And when asked whether customers could find their branch and current account cards rebranded twice in a matter of months, the spokesman declined to answer, and instead offered: "The most important thing is the customer - integration will likely take a period of years, and we'd make sure we talked to customers at all stages, and would work hard to make sure they understand any changes."
Co-op's distinctive branch design
Previous press reports had indicated that Co-op would not want to change the branches to Co-op branded ones as the TSB re-name would mark "the revival of quite a well-known brand".
Under the transfer to the TSB brand - called Project Verde by insiders - All Lloyds TSB Scotland branches will become TSB branches, all Cheltenham & Gloucester branches will become TSB branches, and where high streets have two Lloyds Banking Group branches, one will be turned into a TSB branch.
The branches will be rebranded by the summer of next year, at which point customers will no longer be able to use Lloyds Banking Group branches for their services.
It is expected that for most, their products and services – including sort codes, account numbers and direct debits – will remain the same.
However, rebranded current account cards and chequebooks may be sent out to match the new branding.
Customers who are due to be transfered should be contacted soon - hopefully "this side of Christmas" according to a spokesman from the Lloyds Banking Group, although Scottish customers won't be written to, as all of the Lloyds TSB Scotland branches will become TSB.
"People in Scotland have been engaged already, and there have been materials in the branches for some time now to explain the changes," said the spokesman.
Customer who don't want to transfer and wish to remain with Lloyds can do so, and will be provided with help by Lloyds, although this could involve greater inconvenience for those customers who will have to travel further to do their regular banking.
A mock-up of a rebranded TSB branch
Sarah Pennells, founder of money website Savvywoman.co.uk, told Huff Post UK that moving from Lloyds TSB, to TSB branded debit cards and cheque books - if it happens - is likely to be confusing to some consumers.
"The bank must make sure it is very clear and consistent in the information that it gives to its customers, and that it's written in a way that makes sense," she said.
"I find some of the information online is confusing. For example, the website talks about people moving from Lloyds TSB Scotland to Lloyds Bank - and then says their accounts aren't being transferred to a new owner.
"The website says not all customers from particular branches are being transferred , but the PDF document listing which branches are to be transferred doesn't mention this.
"I'm also not sure how much information customers who don't bank online will have access to, but I hope they're given clear information without being overloaded with legal-speak."
And Which? executive director Richard Lloyd said: “Lloyds and The Co-operative Bank must ensure customers affected by the sale are clearly informed about any changes to their existing terms and conditions, rates and charges throughout the transfer. The banks should also make the switch as easy as possible for customers and ensure there is no break in service."
The TSB bank will be led by Paul Pester, a former managing director of consumer banking and payments at the Lloyds Banking Group.
Pester has form for managing rebrands - before joining Lloyds he was managing director of Santander UK, and was responsible for managing Bradford & Bingley, its integration with Abbey and Alliance & Leicester and the re-branding of the resulting business to create Santander UK.
All staff working in the affected branches will also be transferred to TSB, meaning they will become rivals of their former colleagues at the Lloyds Banking Group.
Lloyds was unable to confirm if the working conditions and payment would be the same under the new bank, as the contracts were "subject to TUPE law".