TSB bank returns to UK high street

[charitynjw]

http://uk.finance.yahoo.com/news/tsb...134300685.html

By Matt Scuffham
LONDON (Reuters) - Britain's 200-year-old TSB bank returns to the high street on Monday after an 18-year absence, the result of action by regulators and the government to introduce greater competition for the country's banks following several consumer scandals.
TSB, set up in the 19th century as the Trustee Savings Bank group for those with modest means, is currently owned by Lloyds Banking Group, Britain's biggest retail bank, which has been ordered to run it as a standalone brand and plans to offload it entirely via a stock market flotation in 2014............

[charitynjw]

Re: TSB bank returns to UK high street

http://www.telegraph.co.uk/finance/n...usinesses.html

The bank, formed from the separation of a 631-branch unit from Lloyds Banking Group, officially begins operating as a stand-alone business tomorrow, and overnight will become the eighth largest high street bank. Aiming to bring more competition to the UK retail banking market, TSB will promise customers a return to localised banking, with named branch managers, opening up unused space in branches for the benefit of local businesses, and the prospect of a local economy index to show how savers' deposits are being put to work into the local economy.

Led by chief executive Paul Pester, TSB is aiming to bring back a form of more traditional banking to the UK, with a vow to its 4.5m customers that their money will not be used in investment banking.

"TSB is going to go back to what it used to do, which is local banking and great relationships at local level," said António Horta-Osório, Lloyds' chief executive, in an interview. "The TSB is going to be another choice on the high street. A bank which has loans and deposits absolutely matched. Has no toxic assets – all the toxic assets stayed with Lloyds. Has no legacy issues. And it has very high capital ratios. So, it has all the conditions to be a very strong challenger on the high street.