TSB Bank (UK)
TSB is one of several smaller "challenger banks" launched in the UK in the wake of the 2008 financial crisis. It offers a range of personal banking, savings and insurance services to more than 5m customers via a network of around 630 branches. It has around 3% of the UK personal banking market. The business was established in 2013 to house the retail outlets and customers demerged from what was previously LloydsTSB bank on the instructions of EU regulators, as a penalty for the state aid Lloyds had received during the 2008 crisis. Lloyds reduced its holding in TSB below 50% in 2014 in an IPO, but early the next year the business was acquired in full by Spain's Banco Sabadell. It continues to trade under the TSB name. Paul Pester is CEO. Total income for 2016 was around £1bn. Though to all intents and purposes a "new" bank, TSB actually traces its roots back to the mid-19th century, and the collection of separate trustee savings banks which sprang up to manage the savings of middle class customers. Most of these banks merged during the course of the 20th century, and the largest survivor of this consolidation process was acquired in 1995 by Lloyds. Their two networks were combined in 1998 to create LloydsTSB. Though it assumed the TSB name pre-spinoff, the majority of branches originally belonged to another Lloyds acquisition, C&G. Adbrands does not currently offer a business profile for this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
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Capsule checked 22nd February 2017
Recent stories from Adbrands Weekly Update:
Adbrands Weekly Update 19th Mar 2015: The UK's recently relaunched TSB Bank, spun out of Lloyds Banking Group last year, has already attracted a suitor. Spain's fifth largest lender Banco Sabadell has made an informal offer to acquire the business for £1.7bn. Lloyds, which still owns a majority stake in TSB, indicated that it would be prepared to recommend a bid at that price. Sabadell has until early April to make a formal offer. Lloyds has a deadline from EU regulators to dispose of all its remaining shares in TSB before the end of this year.
Adbrands Weekly Update 29th May 2014: Lloyds Banking Group is to press ahead with an IPO of standalone division TSB, with plans to float around 25% of the business during June. TSB was carved out of Lloyds last year to house around 600 retail banking branches Lloyds was ordered to sell by EU regulators because of its 2009 government bailout. The original deadline for that disposal was the end of 2013, but an earlier deal to sell the branches to the Cooperative Group collapsed last year. Lloyds now hopes to have offloaded all its remaining shares in TSB by June 2014.
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