- The Group is creating two strong, separate banks – TSB and Lloyds Bank
- TSB will have a network of 631 branches in England, Wales and Scotland
- Lloyds Bank brand will be revitalised on the high street
From today TSB will launch across 631 branches right across Great Britain, and will bring a credible, new competitor to the market. TSB will build on its 200 year heritage to bring local banking to communities across Great Britain and will be a challenger bank offering current accounts, savings, mortgages, insurance and loans as well as supporting small businesses.
At the same time Lloyds Bank marks another milestone in its 250 year history serving the people and businesses of Britain. The new Lloyds Bank brand will be revitalised across almost 1300 branches on the UK high street from 23 September. Lloyds Bank which is already the UK’s leading retail and commercial bank will focus on providing exceptional service to customers, helping them buy their homes, save for the future and grow their businesses.
As part of the change, customers of both Lloyds Bank and TSB will be able to use both branded banks for their everyday banking needs for some time to come.
Lloyds Banking Group Chief Executive, António Horta-Osório commented: “This is a unique event; Lloyds Banking Group is increasing choice and competition in the market by launching one bank and revitalising another. The presence of these two strong brands on the UK high street will provide more choice to our customers and the wider market. The changes reinforce our commitment to better serve our customers as well as delivering a stronger and more competitive banking industry in the UK.”
The creation of the two new brands follows a ruling by the European Commission in 2009 that said Lloyds Banking Group should transfer part of its business to a new owner. The creation of TSB is the next step in meeting this obligation and the bank is now prepared for flotation in 2014.
