LLOYDS TSB has moved the management of its 7,000-strong fleet to Black Horse Vehicle Management Services, the bank's fleet funding and management operation. The changes affect the bank's core company cars driven by its management and branch managers.

The fleet was previously looked after by PHH Vehicle Management Services and Swan National. The move had been widely expected following the merger of Lloyds and TSB, the latter having owned Swan National before the company was sold to HSBC Group.

The initiative follows similar developments at other financial institutions such as Abbey National, which has moved the management of its fleet to its subsidiary First National Vehicle Contracts, and the Alliance and Leicester which brought its fleet in-house under the control of subsidiary Sovereign Finance.