Lloyds News Update: Lloyds and TSB Separate

Separation of Lloyds TSB

Lloyds news update: As Lloyds TSB prepares to separate its two entities, the latter (TSB) is looking to launch their website to £5 million new customers.

TSB was removed from the high street in 1995 when it merged with Lloyds and now, 18 years later it’s set to make a return.

Lloyds and TSB will separate to make two banks so as of September 9th ‘Lloyds’ and ‘TSB’ will, once again, be separate presences on the UK high street. The latter is being handed 631 branches and eight million accounts in the switch over that has been forced to come about in light of the new European rulings that state no bank can have the dominant share of the market.

The campaign which is designed to launch the new bank including tsb.co.uk and costing £30 million, will make its debut on Friday 16th August. Many things will initially not change, TSB customers will use the same login details they established on their Lloyds TSB Internet Banking account. To start with, the same products and services will be available from TSB so that customers can acquaint themselves with the new bank without, hopefully, feeling too disoriented. The first logins will be permitted the day before the branches open on the high street for the first time, so the 8th September.

Lloyds News Update

There is some good news for customers though as when news of the European rulings first came through demanding that Lloyds TSB minimise their domination of the market it seemed most likely that the Co-operative Bank would be the nominated party for taking the excess branches and accounts.

While there have been 4000 customers who have chosen to remain with Lloyds there have also been 600 who decided to move their accounts the other way: from Lloyds to TSB. These have all been totally unprompted but is assisting in the balance that’s demanded by the separation of these two entities. The separation becomes redundant if all of the customers transfer straight back to Lloyds!

With a 200 year heritage behind it including a reputation for being the bank that prompts those less wealthy members of the public to save, the TSB name should make its return with its reputation preceding it. The new logo has been designed with the history of the company taken into account and should reflect a progression through to this stage in their story.

The new branches will come with around 8000 staff included in the deal and a website dedicated to recruitment of new staff will assist with the growth of the company.

If you are a Lloyds or TSB customer, would like to be or simply have questions regarding the separation, use the Lloyds contact number to speak with a member of their customer services department. You can also find more information about Lloyds, TSB and the separation on our news feed.

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