The contract, which includes management, artwork, direct mail and warehousing for marketing items on all Lloyds Banking Group brands, including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows, has been held by Xerox for the past five years.
The arrangement does not include security printing such as bank and credit card statements.
Lloyds Banking Group managing director, group brands and marketing, Catherine Kehoe, said: “We have had five successful years with our current marketing print services provider Xerox which has provided an integrated offering.
“As we look forward to the future we need to ensure that our approach delivers best value and quality across all marketing print services.”
Xerox has been invited to re-pitch but the contract is open to other bidders, a spokeswoman said. Several companies have already been invited to pitch.
The spokeswoman added that marketing print volumes had not reduced much over the past five years.
Lloyds expects to complete the review by 4 December.