Lloyds TSB has said it will keep the Halifax and Bank of Scotland brands after completing its merger with HBOS. Halifax will operate alongside the Lloyds TSB brand in England and Wales, while Bank of Scotland will be the primary brand used in Scotland. (See: Lloyds takes over HBOS in $21.7 billion deal with British PM Brown's support)

The enlarged bank will have the largest UK branch network, it said. Royal Bank of Scotland currently has the largest network, with about 2,290 RBS and NatWest branches. The integration of Bank of Scotland and Lloyds' retail and corporate banking businesses will take two to three years.

The bank said it will have "a significant number of strong brands in its portfolio" after the takeover, and highlighted HBOS's Bank of Scotland and Halifax brands, in addition to its own top brand.

No decisions will be taken about the closure of branches before the deal is completed, which Lloyds expects to happen on 19 January.  And it has yet to decide whether to reduce the number of registrations it has with the Financial Services Authority (FSA).

Savers are only protected by the Financial Services Compensation Scheme for the first £50,000 deposited with each holder of an FSA licence. Currently somebody with one account at Lloyds and one at Bank of Scotland would have full protection for both.

Lloyds has said that the detailed review of how the banks will be integrated, including what will happen to the branch network, "will not be completed for some time". Many of the combined group's 3,000 branches are expected to be closed, especially when they are located near each other.

There are also question marks over the future of Lloyds TSB's current mortgage brand, Cheltenham & Gloucester, which is dwarfed by the size of the Halifax. The bank did say that it expects the brand to continue, but did not mention it in a press release and analysts expect it could be used more as a broker intermediary product, given the strength of the Halifax brand on the market.