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Cheltenham & Gloucester plc (C&G) is a mortgage and savings provider in the United Kingdommarker, 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 are in Barnwoodmarker, Gloucestermarker, Gloucestershiremarker, Englandmarker.

History

A high-street branch of the C&G.
Headquarters of the Cheltenham & Gloucester at Barnwood.
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 Cheltenhammarker, its first Gloucestermarker branch opening in 1896. Over the next 80 years, it expanded throughout the UK, opening the 100th branch in Pershore in 1979. Throughout the 1980s, the 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.

Closure of branches

On 9 June 2009 newspapers were reporting that Lloyds are to close Cheltenham & Gloucester's 160 branches, at the cost of around 1660 jobs. Savers can use any branch of Lloyds TSB to access their accounts. The brand name will remain in active use for the time being. Lloyds have since stated that this decision is "under review".The decision was later reversed and was replaced by speculation that Lloyds would sell off the brand due to its monopoly position in the UK banking market following the takeover of Halifax and Bank of Scotland.

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