Today sees the launch, or ‘re-launch’, of the TSB banking brand with the name once again appearing above the door of 100s of high street branches.
EC move to introduce competition
The TSB will become Britain’s eighth biggest high street bank when it is re-launched today as a standalone brand, 18 years after disappearing when it merged with Lloyds.
Lloyds Banking Group is transferring more than 4.6 million bank account customers to the revived TSB. Any customers unhappy about moving to TSB have been told they can choose to stay with Lloyds – and 4,000 have already done so.
The creation of the new TSB Bank by Lloyds Banking Group follows a ruling by the European Commission (EC) in November 2009 aimed at bringing more competition to the UK banking market. Lloyds Banking Group remains 39% state-owned.
TSB claims to be pioneering a return to ‘local banking’ – a banking model which sees TSB focus on supporting economic growth in the communities it serves right across Britain.
TSB has declared its commitment to bringing back local banking to Britain and is welcoming customers, old and new, who want to see economic growth in the towns and cities where they live and work.
Customers of TSB are being told that every penny of their savings will only fund mortgages and loans in local communities, or to help a small business to grow.
Back to the future
Paul Pester, TSB’s Chief Executive, said of the launch: ‘TSB bucks the trend in banking. We’ve gone back to the future by bringing back local banking to UK high streets supported by 21st Century technology.
‘We have today launched a bank which has been born fully formed – with over 600 branches, four and a half million customers and over 8,500 staff – TSB is most definitely open for business.’