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TSB Bank (United Kingdom)
Ghosts of Christmas Future
Introduction
TSB Bank plc is a challenger bank operating as both a retail
(631 branches) and a commercial bank in the UK and is a
subsidiary of the Spanish Sabadell Group.
TSB launched in its present form on 9 September 2013, with
around five million customers and over £20 billion of loans
and customer deposit and is headquartered in Edinburgh.
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.
Lloyds Banking Group were forced to divest branches after
the European commission ruled that the British
Government’s 43.4% stake in the group in 2009 counted as
state aid. In June 2014 TSB was, after an initial public
offering (IPO), listed on the London Stock Exchange.
In March 2015, TSB accepted a takeover offer of £1.7 billion
from the Spanish Banco Sabadell Group which was
completed on 8 July 2015.
