TSB - new bank for the UK

realaledrinker

Came across this website for the Lloyds spin off bank which gives some interesting background info.

http://www.tsbcareers.co.uk/

dalesrider

Came across this website for the Lloyds spin off bank which gives some interesting background info

So this is just the transition phase before they transfer the 632 branches to the Co-op.

antrobus

dalesrider wrote: »

So this is just the transition phase before they transfer the 632 branches to the Co-op.

But it could be a long transition.

A Co-operative spokesman said the "ultimate goal" is to operate all its financial services under a single brand but for the forseeable future the Project Verde branches will operate under the TSB brand.

http://www.marketingmagazine.co.uk/news/rss/1141824/Lloyds-create-TSB-bank-brand-ahead-Co-op-sell-off/

It's often the case that banking 'acquisitions' don't work. As in bank A buys bank B only to find some years later that all bank B's customers have gone elsewhere and that they've effectively paid all that money for nowt. Recreating the TSB brand is just an attempt to create some kind of continuity so that customers won't care or notice the change of ownership.

JacksterD

realaledrinker wrote: »

Came across this website for the Lloyds spin off bank which gives some interesting background info.

http://www.tsbcareers.co.uk/

Interesting that there's no mention at all of the Co-Operative Bank anywhere on the website.

EarthBoy

JacksterD wrote: »

Interesting that there's no mention at all of the Co-Operative Bank anywhere on the website.

The Co-op are mentioned on this page:

http://www.tsbcareers.co.uk/who-are-we/lloyds-banking-group

stclair

Its so confusing or is it just me?.....

I thought it was only being rebranded to TSB as temporary meausre then they was going to rebrand again as the Co op later down the line.

Is this not happening now? or was that not going to happen anyway?

TSB was the first bank I ever applied to work for many moons ago when they was based at Victoria House in Birmingham lol

dazza.mk

stclair wrote: »

Its so confusing or is just me?.....

I thought it was only being rebranded to TSB as temporary meausre then they was going to rebrand again as the Co op later down the line.

Is this not happening now? or was that not going to happen anyway?

TSB was the first bank I ever applied to work for many moons ago when they was based at Victoria House in Birmingham lol

The way the website talks is that by November 2013 TSB will be a separate entity to LloydsTSB, it will be a decision for the new owners if it will be folded into existing operations, obviously Lloyds Banking group aren't pre-empting that this will be Coop.

mulronie

This is just about the mechanics of the transfer. Splitting the 632 impacted branches into a totally seperate legal structure makes the divorce much easier.

1. Lloyds TSB split into 2 banks: TSB Bank plc (632 branches of Project Verde) and Lloyds Bank plc (remainder).
2. Each of the 2 new banks has its own balance sheet, it's own FSA licence, it's own membership of FSCS.
3. TSB Bank plc is sold to Co-Op (still not a done deal, but this is the most likely purchaser)
4. Co-Op decide whether to roll TSB Bank plc into it's current operations, or manage it as a standalone seperate bank.

It could well be that Co-Op pull out of the deal, in which case Lloyds would need to do something else with TSB Bank plc, like float it on the stock market.

Jaycee_Dove

As I have noted in the other thread where I have been posting my concerns since July - this is fine if you live near your 'branch' that is being transferred. The problem (as in our case) is that we live 100 miles from the branch we are registered with as Lloyds said it was their policy not to have branches. So when we moved to Wales 11 years ago we have a branch where we used to live but use a branch near our home. We were (reasonably) told this would not effect us.

Of course, now it has. The old branch is on the sale list. The new one is not. We are being sold to a bank which has its nearest branch in an impossible to reach town 35 miles away (we are pensioners with no transport). They are transferring all our cards to the 'new' interim TSB over the next few weeks and from next summer we will no longer be able to use the branch where we have banked for the past 11 years. We will be stuck with no local branch through no fault of our own.

Fine, so the answer is to transfer into the bank where we think we have always been - Lloyds TSB - ie to close the account at the old branch and reopen at the one where we have lived for a decade.

Except the literature received from Lloyds today offers no way to do that. And after calling them and the branch we were given lots of sympathy, a 'complaints' form to fill in over the phone but the response that such moves are not being facilitated under government orders. We are to be moved with the branch - despite the utter absurdity and unfairness of this.

I suspect a lot of people are going to get steamed up when they discover what is going on here - presumably to prevent people staying with Lloyds by choice and the branches being sold thus being mere empty buildings with no customers.

BASFORDLAD

stclair wrote: »

Its so confusing or is it just me?.....

I thought it was only being rebranded to TSB as temporary meausre then they was going to rebrand again as the Co op later down the line.

Is this not happening now? or was that not going to happen anyway?

TSB was the first bank I ever applied to work for many moons ago when they was based at Victoria House in Birmingham lol

I remember the days of TSB, they declined by student account application in Coventry, so i ended up using the coventry!!!

simax

I love the way they are marketing it as a new bank. Do they really think we're that stupid?