TSB Bank (United Kingdom)
 |
|
| Public limited company | |
| Industry |
Banking Financial services |
| Predecessor | Lloyds TSB, Cheltenham & Gloucester |
| Founded | 9 September 2013 |
| Headquarters |
Henry Duncan House 120 George Street Edinburgh, Scotland |
|
Number of locations
|
631 branches 5 operations centres 2 telephone centres |
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Key people
|
Will Samuel (Chairman) Paul Pester (Chief Executive) |
| Products |
Retail banking Commercial banking General insurance Life insurance |
| Revenue | £900.2 million (2014) |
| £267.8 million (2014) | |
| £134.5 million (2014) | |
|
Number of employees
|
8,500 |
| Parent | Sabadell Group |
| Website | www |
TSB Bank plc is a retail and commercial bank in the United Kingdom, which is a subsidiary of the Sabadell Group. TSB Bank operates a nationwide network of 631 branches across England, Scotland and Wales. TSB launched 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 a number of Lloyds TSB branches in England and Wales, all branches of Cheltenham & Gloucester and the business of Lloyds TSB Scotland. These were transferred to the existing Lloyds TSB Scotland plc, which was renamed TSB Bank plc.
The divestment 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 following an initial public offering in June 2014, 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.
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.
The merger was structured as a reverse takeover by TSB; Lloyds Bank was delisted from the 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 new bank commenced trading in 1999, after the statutory process of integration was completed. 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.
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Wikipedia