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Agreement with Co-operative Banking Group The remainder of the Lloyds TSB business was rebranded back to the Lloyds Bank name. A number of Lloyds TSB branches in England and Wales, together with all branches of Lloyds TSB Scotland and Cheltenham & Gloucester, were brought together to form the new business, which operates under the TSB brand. Customers with accounts held by the branches and staff employed within them were also transferred. Ĭodenamed "Verde", the group's divestment plan identified 632 branches which were transferred to a new business. In 2009, following the UK bank rescue package, HM Government took a 43.4% stake in Lloyds Banking Group, which later announced that it would sell a standalone retail banking business of 632 branches and most accounts held at those branches in order to comply with European Commission state aid requirements. Lloyds TSB Group bought HBOS in January 2009 and renamed itself Lloyds Banking Group.

TSB Newcastle city centre, a former Lloyds TSB branch The parent, TSB Banking Group, was registered in England in 2014 and later that year TSB Bank ceased to be part of the Lloyds Banking Group. This company was re-registered under the name TSB Bank in 2013. In 1986, the legal entity, Trustee Savings Bank, was renamed TSB Scotland (and, in 1989, TSB Bank Scotland), before becoming Lloyds TSB Scotland in 1999. 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. The new bank commenced trading in 1999, after the statutory process of integration was completed. Lloyds Bank was delisted from the London Stock Exchange 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 merger was structured as a reverse takeover by TSB. 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. In 2015, it was acquired by Spain's Banco Sabadell. Post-divestment, TSB offered an initial public offering and was listed on the London Stock Exchange in June 2014. 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.Ī European Commission ruling that the British government's 2009 purchase of a 43% stake in Lloyds Banking Group counted as state aid made it necessary for Lloyds Banking Group to sell a portion of its business TSB was divested. Its headquarters are located in Edinburgh and it has more than 5.0 million customers with over £37 billion of lending and £36 billion of customer deposits. TSB in its present form launched on 9 September 2013. TSB Bank operates a network of 220 branches across England, Scotland and Wales but has not had a presence in Northern Ireland since 1991.

HBOS and Royal Bank of Scotland will both report results next week.TSB Bank plc is a retail and commercial bank in the United Kingdom and a subsidiary of Sabadell Group. On Wednesday, Alliance & Leicester reported a 4% rise in 2006 pre-tax profits to £569m. Lloyds TSB is the latest UK High Street bank to report - on Tuesday, Barclays announced a record pre-tax profit of £7.14bn. The bank says it is keeping costs under control with a 2% reduction in costs in its retail banking business in the UK.Įarlier this month, Lloyds announced plans to close a processing centre in Peterborough with the loss of 243 jobs. "Towards the end of 2006 we experienced some signs of stabilisation in the rate of our customers filing for bankruptcy and a slowdown in the rate of growth in Individual Voluntary Arrangements," it said. The bad debt charge suggests that borrowers are struggling to pay back unsecured loans, but Lloyds said it had seen signs of stabilisation in its unsecured lending portfolio. Lloyds said 2007 would be challenging, predicting slower growth in unsecured loans and increased regulation costs. The bank's impairment charge, which is the amount of money it sets aside for bad debts, jumped 20% to £1.56bn. Retail banking in the UK made up £1.55bn of that figure, which is 5% higher on the previous year. The UK's fifth-largest bank, Lloyds TSB, has reported full-year profits before tax of £4.25bn ($8.3bn), up 11% from 2005.