TSB Bank plc is a retail and business bank in the United Kingdom , qui est a subsidiary of the Sabadell Group . [4] TSB Bank Operates a nationwide network of 630 [5] branches across England , Scotland and Wales . TSB launched in its present form on 9 September 2013, with more than 4.6 million customers and over £ 20 billion of loans and customer deposits, and is headquartered in Edinburgh . The bank was formed from the existing business of Lloyds TSB Scotland plc,

The divorce of TSB from Lloyds Banking Group was necessary due to a European Commission ruling that the British government’s purchase of a 43.4% stake in the group in 2009 counted as state aid. The ruling required that the group sell a portion of its business. The reestablished TSB was listed on the London Stock Exchange following an initial public offering in June 2014, [7] and was a constituent of the FTSE 250 Index . TSB accepted a takeover offer from the Spanish bank Sabadell in March 2015, which was completed on 8 July 2015. [4]

History

Trustee Savings Bank

Main article: Trustee Savings Bank

The TSB was previously used by the Trustee Savings Bank prior to its merger with Lloyds Bank in 1995, [8] resulting in the formation of Lloyds TSB in 1999.

The merger was structured as a reverse takeover by TSB; Lloyds Bank was delisted from the London Stock Exchange and TSB Group was renamed Lloyds TSB Group in 1995, with Lloyds Bank shareholders owning a 70% equity interest in the share capital, effected through a scheme of arrangement. The new bank begins trading in 1999, after the statutory process of integration was completed. [9] The original TSB Bank transferred liabilities 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.

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. [10] This company was re-registered under the name TSB Bank in 2013 . [11] The parent, TSB Banking Group, was registered in England in 2014 and later that year. [12]

Project Verde

TSB Newcastle city center , to train Lloyds TSB branch

Lloyds TSB Group bought HBOS in January 2009 and renamed itself Lloyds Banking Group . [13] In 2009, Following The UK bank rescue package , HM Government Took a 43.4% stake in Lloyds Banking Group (since Reduced to below 10% [14] ), qui later annoncé That It Would sell a standalone retail banking business of 632 Branches and most accounts held by the European Commission . [15]

Codenamed “Verde”, the group’s divestment plan identified 632 branches which were transferred to a new business. Customers with accounts held by the. A number of Lloyds TSB branches in England and Wales, together with all branches of Lloyds TSB Scotland and Cheltenham & Gloucester, were introduced together to form the new business, which operates under the TSB brand. [6] The remainder of the Lloyds TSB business was rebranded back to the Lloyds Bank name. [16]

Agreement with Co-operative Banking Group

Lloyds Banking Group reached an agreement in July 2012 to sell the Verde branches to the Co-operative Bank for £ 750 million. [17] [18] The final transfer of TSB Bank to the new owner was planned to be completed by late 2013. In February 2013 it was reported that Lloyds Banking Group was considering a stock market of the TSB business as an alternative, Should the transfer not be completed, and they would make a final decision by the end of July. The Co-operative Banking Group is a leading provider of financial services and investment banking solutions . [19] [20]

In April 2013, The Co-operative Group announced that it would not proceed with the transaction, citing the economic environment and increasing regulatory requirements in the financial sector. [21]

Initial public offering

Banking Group on 9 September 2013, [22] with the intention of selling it off an initial public offering . [23] Lloyds Banking Group announced that 25% of TSB’s shares would be floated on 24 June 2014, [24] but with the offer being ten-times oversubscribed, 38.5% of shares in TSB Banking Group plc , 20 June. [25] A further 11.5% of TSB Banking Group shares were sold by Lloyds Banking Group in September 2014, bringing its shareholding down to 50%. [26]

According to Lloyds’ Chief Executive, António Horta-Osório , the separation cost £ 1bn more to perform than the new bank is worth. [27]

Acquisition by Sabadell Group

On 12 March 2015, TSB confirmed a takeover bid by the Spanish banking group Sabadell for £ 1.7 trillion, less than a year after it joined the stock market through Lloyds Banking Group’s 50% of its holding company. [28] TSB agreed to the takeover on 20 March 2015. [29] which was completed on 8 July 2015. [4]

In October 2015, Sabadell Group outlined its plans for TSB to continue as a competitor in the UK banking sector, and by introducing cardless emergency cash and mobile payment systems. [30] TSB’s online banking services, which currently use the Lloyds Banking Group platform, will be migrated to a UK-based replica of Sabadell’s Proteo platform by the end of 2017. Sabadell also confirmed that the TSB Felt it was a “very powerful” brand with “traction” in the UK, unlike the parent brand, which is “virtually unknown” by the British public. [31]

Whistletree

In November 2015, TSB agreed to acquire £ 3.3 billion in mortgages from the nationalized NRAM plc , the “bad bank” formed from the Northern Rock . [32] The acquisition was completed in July 2016 resulting in TSB establishing a trading division named Whistletree to administer these mortgages. [33] The division’s name refers to the blue tree branding used by TSB Bank and the whistling that features in its television advertising. [34]

In January 2017, TSB Bank plc agreed to acquire the loan and mortgage assets of Airdrie Savings Bank which was wound up on April 28, 2017. These assets are also administered by the whistletree division of the bank. [35]

Corporate affairs

Identity

TSB’s logo Trustee Savings Bank and consists of three interlocking circles in varying shades of blue bearing the name of the bank. Since its launch in 2013, TSB has used the slogan “Local banking for Britain” instead of “The bank that likes to say yes” slogan used by the Trustee Savings Bank. TSB’s launch advertising campaign featured a short film about the bank’s founder Henry Duncan and was voiced by Patrick Stewart . [36]

Leadership team

As of October 2015, the leadership team of TSB is composed of: [37]

  • Chairman – Will Samuel
  • Chief Executive Officer – Paul Pester
  • Chief Financial Officer – Ralph Coates
  • Chief Risk Officer – Neeta Aktar
  • Chief Operating Officer – Helen Rose
  • Chief Marketing Officer – Nigel Gilbert
  • General Counsel and Company Secretary – Susan Crichton
  • Treasurer – Ian Firth

Locations

On its training in September 2013, TSB Bank plc had:

  • 631 branches, of which: [38]
    • 282 were forming Lloyds TSB branches in England and Wales
    • 164 were forming Cheltenham & Gloucester branches
    • 185 were forming Lloyds TSB Scotland branches [39]
  • Administration centers in Edinburgh , Bristol , Gloucester , Birmingham and London [40]
  • Telephony centers in Sunderland and Swansea

Services

A branch of TSB, formerly Cheltenham & Gloucester , on High Street in Shrewsbury

The bank has a full range of personal and business banking and financial services, including current accounts , mortgages , credit products, insurance, and savings products. TSB Bank is authorized by the Prudential Regulation and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. [41] It is a member of the Financial Ombudsman Service and the Financial Services Compensation Scheme , and subscribes to the Lending Code . [42]

TSB also operates a distinct trading division named Whistletree, which mortgage services bought from NRAM plc. The division is served by a standalone website and separate contact center, with TSB branch staff having no access to these accounts. [43]

The bank uses the following series of sorting codes : –

Tidy Note
30 to 39 Form Lloyds TSB branches (in turn pre-merger Lloyds Bank branches) in England & Wales; C & G Savings codes (used until early 2014) [note 1]
77-00 to 77-44
77-46 to 77-99
Form Lloyds TSB branches (in turn pre-merger TSB branches) in England & Wales; Training C & G branches in England & Wales (allocated new sort codes in 2014) [note 1]
87 Form Lloyds TSB Scotland branches; Form C & G branches in Scotland (allocated new sort codes in 2014) [note 1]

Notes

  1. ^ Jump up to:c C & G branches used sort codes in the 30-55 to 30-61 range to become TSB in September 2013, and continued using them as TSB branches until early 2014, when each was upgraded to offer the full range Of TSB products and services and given a new 77 or 87 sort code.

References

  1. Jump up^ “TSB Bank plc” . Companies House . Retrieved 1 May 2017 .
  2. Jump up^ Martin, Ben (February 8, 2017). “Which bank branches is TSB going to close?” . The Telegraph . Retrieved 23 March 2017 .
  3. ^ Jump up to:c “Preliminary Results 2014” (PDF) . TSB Banking Group . Retrieved 3 April 2015 .
  4. ^ Jump up to:c “Banco Sabadell acquires 100% of TSB shares – Banco Sabadell”. Bancsabadell.com . Retrieved 17 July 2015 .
  5. Jump up^ “Current Accounts | Classic Plus Account | TSB Bank” . www.tsb.co.uk . Retrieved 2017-07-31 .
  6. ^ Jump up to:b Emma Simon (26 November 2012). “Millions of Lloyds customers told banking details to change” . Daily Telegraph . Retrieved 16 March 2013 .
  7. Jump up^ “TSB shares jump on forex trading and lift prospects for future Lloyds sell-off” . The Guardian. 20 June 2014 . Retrieved 20 June 2014 .
  8. Jump up^ Batiz-Lazo, Bernardo. “A case study on the strategy and stock market performance of Lloyds Bank (1980-1993)” . Open University Business School . Retrieved 4 October 2016 .
  9. Jump up^ Lloyds TSB Act 1998(heading 5).
  10. Jump up^ Also in 1986, the legal entity, Central Trustee Savings Bank, was renamed TSB England and Wales, becoming TSB Bank in 1989. This company, which has been dormant since 1999, was re-registered under the name Lloyds (Gresham) Ltd. In 2013.
  11. Jump up^ Registered in Scotland No. SC095237.
  12. Jump up^ Registered in England No. 08871766.
  13. Jump up^ “Lloyds HBOS merger gets go-ahead” . BBC News . 12 January 2009. Retrieved 16 March 2013 .
  14. Jump up^ “Lloyds stake sale raises £ 4.2bn” . BBC News . 26 March 2014 . Retrieved 26 March 2014 .
  15. Jump up^ Issues and Capital Enhancement ProposalsPresentations and Webcasts, Lloyds Banking Group, 3 November 2009
  16. Jump up^ Mark Banham (13 September 2010). “Lloyds TSB to rebrand as Lloyds Bank” . Marketing . Retrieved 16 March 2013 .
  17. Jump up^ Graham Hiscott (July 19, 2012). ” ‘ Proud to make banking boring again’: Co-op buys 632 branches from Lloyds and aims to restore faith in the industry” . Daily Mirror . Retrieved 16 March 2013 .
  18. Jump up^ Robert Peston (19 July 2012). “Lloyds bigs up the Co-op” . BBC News . Retrieved 16 March 2013 .
  19. Jump up^ Sharp, Tim (22 March 2013). “Economic woes hit Co-op Verde buyout” . Herald Scotland . Retrieved 24 April 2013 .
  20. Jump up^ “End of an era: Co-operative Group to sell-off General Insurance” . Co-operative News. 21 March 2013 . Retrieved 24 April 2013 .
  21. Jump up^ “Lloyds’ branch sale to Co-op falls through” . BBC News. 24 April 2013 . Retrieved 24 April 2013 .
  22. Jump up^ “Lloyds faces internet issues on TSB launch day” . BBC News. 9 September 2013 . Retrieved 14 September 2013 .
  23. Jump up^ “Update on 24th April 2013” . Lloyds TSB. 24 April 2013 . Retrieved 24 April 2013 .
  24. Jump up^ “TSB IPO price range announced” . 10 June 2014 . Retrieved 8 September 2014 .
  25. Jump up^ “TSB shares jump on forex trading and lift prospects for future Lloyds sell-off” . The Guardian. 20 June 2014 . Retrieved 25 June 2014 .
  26. Jump up^ “Lloyds Bank sale of TSB stake shows demand for UK banks” . Reuters. 26 September 2014 . Retrieved 5 October 2014 .
  27. Jump up^ Treanor, JillLloyds boss defends his record as the years of ‘doing the right thing’The Observer, 28 March 2015
  28. Jump up^ “TSB confirms £ 1.7bn takeover move by Spain’s Sabadell” . 12 March 2015.
  29. Jump up^ “TSB approved £ 1.7bn takeover by Spain’s Sabadell” . BBC News . 20 March 2015 . Retrieved 20 March 2015 .
  30. Jump up^ “TSB sold to Spanish bank in £ 1.7bn deal” . The Telegraph . 20 March 2015.
  31. Jump up^ Emma Dunkley (4 October 2015). “Sabadell looks to TSB in UK growth strategy” . Financial Times . Retrieved January 17, 2016 .
  32. Jump up^ “Northern Rock mortgages sold for £ 13bn” . BBC News. 13 November 2015 . Retrieved 13 November 2015 .
  33. Jump up^ https://www.mortgagestrategy.co.uk/tsb-sets-whistletree-brand-former-northern-rock-loans/
  34. Jump up^ https://www.mortgagestrategy.co.uk/one-one-padraig-carton-customer-service-operations-director-tsb/
  35. Jump up^ “Airdrie Savings Bank to close after almost 182 years with loss of 70 jobs” . Herald Scotland . 18 January 2017 . Retrieved 18 January 2017 .
  36. Jump up^ “TSB: The Story” . Youtube. 2013-09-08 . Retrieved 2015-12-22 .
  37. Jump up^ “Our people – Leadership Team and Board – TSB Bank” . Tsb.co.uk . Retrieved 2015-12-22 .
  38. Jump up^ “Branches to form part of TSB Bank plc” (PDF) . Lloydstsbtransfer.com .
  39. Jump up^ Boyce, Lee (April 24, 2013). “Will you be able to buy shares in TSB? Lloyds set to launch share-listing of 632 branches it failed to sell to co-op” . This is Money . Retrieved 3 June 2013 .
  40. Jump up^ “Locations” . TSB Careers . Retrieved 3 June 2013 .
  41. Jump up^ “Information about us” . TSB Bank. September 2013 . Retrieved 13 September 2013 .
  42. Jump up^ “Subscribers” . Lending Standards Board . Retrieved 5 November2015 .
  43. Jump up^ http://www.whistletree.co.uk/