A number of Lloyds TSB branches in England and Wales, together with all branches of Lloyds TSB Scotland and Cheltenham & Gloucester, were brought together to form the new business, which operates under the TSB brand. Customers with accounts held by the branches and staff employed within them were also transferred. Ĭodenamed "Verde", the group's divestment plan identified 632 branches which were transferred to a new business. In 2009, following the UK bank rescue package, HM Government took a 43.4% stake in Lloyds Banking Group, which later announced that it would sell a standalone retail banking business of 632 branches and most accounts held at those branches in order to comply with European Commission state aid requirements. Lloyds TSB Group bought HBOS in January 2009 and renamed itself Lloyds Banking Group. Project Verde TSB Newcastle city centre, a former Lloyds TSB branch The parent, TSB Banking Group, was registered in England in 2014 and later that year TSB Bank ceased to be part of the Lloyds Banking Group. This company was re-registered under the name TSB Bank in 2013. In 1986, the legal entity, Trustee Savings Bank, was renamed TSB Scotland (and, in 1989, TSB Bank Scotland), before becoming Lloyds TSB Scotland in 1999. The original TSB Bank transferred engagements to Lloyds Bank which then changed its name to Lloyds TSB Bank at the same time, TSB Bank Scotland absorbed Lloyds' three Scottish branches becoming Lloyds TSB Scotland. The new bank commenced trading in 1999, after the statutory process of integration was completed. Lloyds Bank was delisted from the London Stock Exchange and TSB Group was renamed Lloyds TSB Group in 1995, with former Lloyds Bank shareholders owning a 70% equity interest in the share capital, effected through a scheme of arrangement. The merger was structured as a reverse takeover by TSB. The TSB name was previously used by the Trustee Savings Bank prior to its merger with Lloyds Bank in 1995, resulting in the formation of Lloyds TSB in 1999. In 2015, it was acquired by Spain's Banco Sabadell. Post-divestment, TSB offered an initial public offering and was listed on the London Stock Exchange in June 2014. The bank was formed from the existing business of Lloyds TSB Scotland plc, into which a number of Lloyds TSB branches in England and Wales and all branches of Cheltenham & Gloucester were transferred, and renamed TSB Bank plc.Ī European Commission ruling that the British government's 2009 purchase of a 43% stake in Lloyds Banking Group counted as state aid made it necessary for Lloyds Banking Group to sell a portion of its business TSB was divested. Its headquarters are located in Edinburgh and it has more than 5.0 million customers with over £37 billion of lending and £36 billion of customer deposits. TSB in its present form launched on 9 September 2013. TSB Bank operates a network of 220 branches across England, Scotland and Wales but has not had a presence in Northern Ireland since 1991. An early application of internet technology, this gave customers direct access to their accounts, via a television screen and Prestel telephone network.TSB Bank plc is a retail and commercial bank in the United Kingdom and a subsidiary of Sabadell Group. Then in 1985, the Bank again led the way with the launch of Home Banking, the first phase of HOBS (Home and Office Banking Service). In 1959, it became the first UK bank to install a computer for processing its accounts centrally. The '50s also heralded the age of computerisation, which was to revolutionise British banking. Then in 1971, it merged with the British Linen Bank. Three years later, it expanded into consumer credit with the acquisition of North West Securities (later Capital Bank). Bank of Scotland began this phase of its development by merging with the Glasgow-based Union Bank of Scotland in 1955. The 1950s sparked a series of mergers and acquisitions right across the financial sector. The inter-war years proved difficult too, and it was only after the Second World War that the economic climate improved. The outbreak of war meant the Bank had to refocus its policies on national need. Companies such as British Aluminium and Barr and Stroud (manufacturers of optical range finders for the British Navy) sought sophisticated finance, on a scale previously unknown. The early years of the 20th century brought new business to Bank of Scotland.
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