TSB is reappearing on the high street for the first time in 18 years. Originally the Trustee Savings Bank, TSB was set up 200 years ago, merging with Lloyds in 1995. Now it will be back on the high street, taking over 600 Lloyds bank branches across the UK.
The European Commission has demanded the sell off of Lloyds branches in the interests of greater competition. The UK retail banking industry is currently dominated by the five big retail banks: Lloyds, RBS, Barclays, HSBC and Santander.
Earlier this year a planned sell off to Cooperative Bank fell through.
Five million people will have their accounts transferred to the new bank, although their account numbers and sort codes with remain the same – all customers will notice will be the change of name, Lloyds’ CEO has assured the BBC.