Lloyds TSB said first it would probably only use its Olympic sponsorship of its news brands, Halifax and the Bank of Scotland, internally until it is clear which parts they must sell to satisfy anti-comptition concerns raised by the Government.

It is also reviewing the future of all the brands in the HBOS portfolio and may decide to axe some or all of them.

Alongside Halifax, which is the UK’s biggest mortgage lender, and Bank of Scotland, Lloyds TSB will acquire Intelligent Finance, life insurance company Clerical Medical and mortgage brand Birmingham Midshires.

Lloyds TSB group brands include Scottish Widows and Cheltenham & Gloucester.

A Lloyds TSB spokeswoman said: “We are at a very early stage of the deal.

"No decision has been made on the long-term future of the brands, which will affect the 2012 sponsorship as well.

"Clearly 2012 is positive for the whole group and the whole group can be positive for [the sponsorship].”

Lloyds TSB Group was the first Tier One partner to sign up for the London Olympics, in March last year, paying £70 million to become the official banking partner.

It later extended its deal to become official insurance partner of the Games, allowing it to stretch its sponsorship to the Scottish Widows brand.