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INTRODUCTION
Corporate boasts don’t work; they just wind up the
customers
TSB is to all intents and purposes is a new bank but one
with a two-hundred-year history which inherited its
customer base, its key technology systems as well as its staff
from its former parent company Lloyds Bank. It comprises:
• 6.6 Million Customers
• £22.3 billion in current accounts and savings
• £18.3 billion in mortgages
• £1.3 billion of loans 8,500 ‘Partners’
• 631 branches
The divestment of TSB from Lloyds Banking Group was
called for by the European Commission which ruled that the
British government's purchase of a 43.4% stake in the group
during the 2009 financial crisis counted as state aid.
Consequently, Lloyds were required to sell a portion of its
business and as such TSB was effectively sold off by first
achieving an initial public offering (IPO) in June 2014 and
then a listing on the London Stock Exchange. TSB then
accepted a takeover offer from the Spanish bank Sabadell in
March 2015 and completed on July 2015.
