Lloyds TSB has scrapped the launch of its UK internet bank, Evolvebank, and will instead concentrate on an online venture with Centrica.
Lloyds TSB had planned to trial Evolvebank with UK customers later this year, but will instead merge the online service with Centrica's Goldfish credit card operation.
Under the agreement, the joint venture will be known as Goldfish Holdings and will establish a bank in 2001. Centrica will have a 70 per cent share of the joint venture and Lloyds TSB will have a 30 per cent stake.
A spokeswoman for Lloyds TSB said: "Following the announcement with Centrica we have decided not to launch Evolvebank in the UK. We still have the rights to launch Evolvebank in the UK, but have decided to focus on the joint venture under the Goldfish brand."
At the end of last month Lloyds TSB denied that it had been forced to put back the UK launch of Evolvebank following security concerns at other online banks. The bank planned to trial the online service with a small number of UK customers later this year prior to a full launch to the public in 2001.
Goldfish Holdings, which intends to offer services accessible online or via the telephone, will manufacture its own banking products including current and savings accounts and life assurance.
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