TSB Bank plc is a

retail Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and ...

and

commercial Commercial may refer to: * a dose of advertising conveyed through media (such as - for example - radio or television) ** Radio advertisement ** Television advertisement * (adjective for:) commerce, a system of voluntary exchange of products and s ...

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...

and a subsidiary of Sabadell Group. TSB Bank operates a network of 220 branches across

England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...

Scotland Scotland (, ) is a Countries of the United Kingdom, country that is part of the United Kingdom. Covering the northern third of the island of Great Britain, mainland Scotland has a Anglo-Scottish border, border with England to the southeast ...

and

Wales Wales ( cy, Cymru ) is a country that is part of the United Kingdom. It is bordered by England to the east, the Irish Sea to the north and west, the Celtic Sea to the south west and the Bristol Channel to the south. It had a population in ...

but has not had a presence in

Northern Ireland Northern Ireland ( ga, Tuaisceart Éireann ; sco, label= Ulster-Scots, Norlin Airlann) is a part of the United Kingdom, situated in the north-east of the island of Ireland, that is variously described as a country, province or region. Nort ...

since 1991. TSB in its present form launched on 9 September 2013. Its headquarters are located in

Edinburgh Edinburgh ( ; gd, Dùn Èideann ) is the capital city of Scotland and one of its 32 council areas. Historically part of the county of Midlothian (interchangeably Edinburghshire before 1921), it is located in Lothian on the southern shore of t ...

and it has more than 5.0 million customers with over £37 billion of lending and £36 billion of customer deposits. The bank was formed from the existing business of Lloyds TSB Scotland plc, into which a number of

Lloyds TSB Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exte ...

branches in England and Wales and all branches of

Cheltenham & Gloucester Cheltenham & Gloucester plc (C&G) was a mortgage and savings provider in the United Kingdom, a subsidiary of Lloyds Banking Group. C&G specialised in mortgages and savings products. Previously, C&G was a building society, the Cheltenham and Glouc ...

were transferred, and renamed TSB Bank plc. A

European Commission The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...

ruling that the British government's 2009 purchase of a 43% stake in

Lloyds Banking Group Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Ban ...

counted as state aid made it necessary for Lloyds Banking Group to sell a portion of its business; TSB was divested. Post-divestment, TSB offered an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

and was listed on the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St P ...

in June 2014. In 2015, it was acquired by Spain's

Banco Sabadell Banco de Sabadell, S.A. ( ca, Banc Sabadell) is a Spanish multinational financial services company headquartered in Alicante and Barcelona, Spain. It is the 4th-largest Spanish banking group. It includes several banks, brands, subsidiaries and a ...

History

Trustee Savings Bank

The TSB name was previously used by the

Trustee Savings Bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becaus ...

prior to its merger with

Lloyds Bank Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exte ...

in 1995, resulting in the formation of

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. 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. This company was re-registered under the name TSB Bank in 2013. 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.

Project Verde

Lloyds TSB Group bought

HBOS HBOS plc was a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Ba ...

in January 2009 and renamed itself

. In 2009, following the UK bank rescue package,

HM Government ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd , image = HM Government logo.svg , image_size = 220px , image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg , image_size2 = 180px , caption = Royal Arms , date_es ...

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

state aid requirements. Codenamed "Verde", the group's divestment plan identified 632 branches which were transferred to a new business. Customers with accounts held by the branches and staff employed within them were also transferred. 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. The remainder of the Lloyds TSB business was rebranded back to the Lloyds Bank name.

Agreement with Co-operative Banking Group

Lloyds Banking Group reached a heads-of-terms agreement in July 2012 to sell the Verde branches to

The Co-operative Bank The Co-operative Bank plc is a retail and commercial bank in the United Kingdom, with its headquarters in Balloon Street, Manchester. The Co-operative Bank is the only UK high street bank with a customer-led Ethical Policy which is incorporat ...

for £750 million. The final transfer of TSB Bank to the new owner was planned to be completed by late 2013. In February 2013, it was reported that Lloyds Banking Group was considering a stock market flotation of the TSB business as an alternative, should the transfer not be completed, and they would make a final decision by the end of July.

The Co-operative Banking Group Co-operative Banking Group Limited (originally Co-operative Financial Services) was a UK-based banking and insurance company and a wholly owned subsidiary of The Co-operative Group. Established in 2002, its head office was located at the CIS Tower ...

blamed current economic conditions for delays in completing the deal and had sold its life insurance assets for £200 million in an effort to secure £1 billion needed to complete the deal. In April 2013, The Co-operative Group announced that it would not proceed with the transaction, citing the economic environment and increasing regulatory requirements in the financial sector.

Initial public offering

TSB Bank plc began operating as a separate business within Lloyds Banking Group on 9 September 2013, with the intention of selling it off through an

. Lloyds Banking Group announced that 25% of TSB's shares would be floated on 24 June 2014, but, with the offer being ten-times oversubscribed, 38.5% of shares in TSB Banking Group plc, were sold at 260p on 20 June. Unconditional trading in the shares started on 25 June 2014. A further 11.5% of TSB Banking Group shares were sold by Lloyds Banking Group in September 2014, bringing its share holding down to 50%. According to Lloyds' chief executive, António Horta-Osório, the separation cost £1 billion more to perform than the new bank is worth.

Acquisition by Sabadell Group

On 12 March 2015, TSB confirmed a takeover bid by the

Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many Latin American countries **Spanish cuisine Other places * Spanish, Ontario, Can ...

banking group Sabadell for £1.7 billion, less than a year after it rejoined the stock market through

's sale of 50% of its holding. TSB agreed to the takeover on 20 March 2015 which was completed on 8 July 2015. After the acquisition, a new board of directors was formed, including Tomás Varela and Miguel Montes Güell. In October 2015, Sabadell Group outlined its plans for TSB to continue as a competitor in the UK banking sector, by further expanding into the small business banking market, and introducing cardless emergency cash and mobile payments. Sabadell also confirmed that the TSB name would be retained, as the group felt it was a "very powerful" brand with "traction" in the UK, unlike the parent brand, which is "virtually unknown". TSB's banking platform, which had used that of Lloyds Banking Group, was migrated to a UK-based replica of Sabadell's Proteo platform by the end of 2017.

Migration to the Sabadell Proteo banking platform

A planned migration of customer records from the Lloyds Banking Group platform to the Sabadell Proteo platform commencing on 20 April 2018 resulted in the loss of internet and mobile banking services for many customers for at least a week. Additionally, some customers reported seeing detailed account information of other customers, including balances of accounts other than their own. On 26 April 2018,

Paul Pester Paul David Pester (born 14 January 1964) is a British banker. He was chief executive officer (CEO) of TSB Bank from 2013 to 2018. Early life Pester grew up in Plymouth. He was educated at Tamar High School, Plymouth. He has a first class honou ...

, then chief executive, stated that TSB was "on its knees" with the bank's computers continuing to have "a capacity issue" that was preventing about one million customers having access to online banking services. Two weeks after commencement of the migration, failures were still being reported with services such as the online banking application giving internal SQL

database In computing, a database is an organized collection of data stored and accessed electronically. Small databases can be stored on a file system, while large databases are hosted on computer clusters or cloud storage. The design of databases s ...

-related errors. Payment difficulties, particularly with business and mortgage accounts continued into a fourth week and it was revealed that TSB had rejected an offer of assistance from Lloyds Banking Group at the start of the migration crisis. A former TSB board member was quoted by the

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History

Trustee Savings Bank

Project Verde

Agreement with Co-operative Banking Group

Initial public offering

Acquisition by Sabadell Group

Migration to the Sabadell Proteo banking platform

Corporate affairs

Identity

Locations

Services

Whistletree

Notes

References

External links