TSB takeover approach

colsten

Paul_1977 wrote: »

As I said "I guess they still will".

But if its owned by the Spanish, its not exactly local.

It doesn't matter where the owner has their HQ. They can still "provide local banking banking for Britain".

There are plenty of examples of UK financial providers owned by a company that doesn't have its HQ in the UK - Santander UK, Post Office, Yorkshire Bank, Clydesdale Bank, Bank of India UK, State Bank of India UK, First Trust Bank, Bank of Baroda (UK), Citibank UK, Danske Bank UK, ICICI UK, Punjab National Bank UK, Handelsbanken, Bank of East Asia etc.

Paul_1977

I know they can be in the UK registered and separate, I personally don't think its the same.

callum9999

colsten wrote: »

It doesn't matter where the owner has their HQ. They can still "provide local banking banking for Britain".

There are plenty of examples of UK financial providers owned by a company that doesn't have its HQ in the UK - Santander UK, Post Office, Yorkshire Bank, Clydesdale Bank, Bank of India UK, State Bank of India UK, First Trust Bank, Bank of Baroda (UK), Citibank UK, Danske Bank UK, ICICI UK, Punjab National Bank UK, Handelsbanken, Bank of East Asia etc.

And arguably Handelsbanken offer the best "local banking experience" of any major bank in the UK - despite being Swedish!

Paul_1977

callum9999 wrote: »

And arguably Handelsbanken offer the best "local banking experience" of any major bank in the UK - despite being Swedish!

!!!!!!s to get an account with though, I think I got a dodgy branch.:mad:

colsten

Paul_1977 wrote: »

I know they can be in the UK registered and separate, I personally don't think its the same.

Apart from a potential name change (which they already indicated they are not planning), customers are unlikely to even notice any difference in the short term. In the medium and long term, it can only be positive news for customers if the parent company can pump lots of money into TSB. It's really a win only proposition for shareholders and customers - which is one of the reasons why the TSB share price jumped, and Lloyds, as the majority shareholder who has to sell up by end of the year, welcoming the proposed acquisition.

Paul_1977

colsten wrote: »

Apart from a potential name change (which they already indicated they are not planning), customers are unlikely to even notice any difference in the short term. In the medium and long term, it can only be positive news for customers if the parent company can pump lots of money into TSB. It's really a win only proposition for shareholders and customers - which is one of the reasons why the TSB share price jumped, and Lloyds, as the majority shareholder who has to sell up by end of the year, welcoming the proposed acquisition.

Im not complaining.:rotfl::j:beer:

keiran

The only people who may need to be concerned are those mortgage customers of the old Cheltenham and Gloucester ( part of Lloyds Banking Group which was then hived off into TSB) who have tracker rate mortgages "guaranteed" to be no more than 2% above base rate (I'm currently paying 2.5% on my buy-to-let property)

A newcomer may have no issue in changing terms under fine print to drastically increase this. This manoeuvre has already been done in such instances by West Brom Bldg Soc and Bank of Ireland , and, I think, Nationwide

Whilst, however, there was the shadow of a government bail-out over Lloyds Banking Group, it would have been a difficult move

I am a shareholder, though, and so generally pleased with the takeover approach.

PeacefulWaters

keiran wrote: »

The only people who may need to be concerned are those mortgage customers of the old Cheltenham and Gloucester ( part of Lloyds Banking Group which was then hived off into TSB) who have tracker rate mortgages "guaranteed" to be no more than 2% above base rate (I'm currently paying 2.5% on my buy-to-let property)

A newcomer may have no issue in changing terms under fine print to drastically increase this. This manoeuvre has already been done in such instances by West Brom Bldg Soc and Bank of Ireland , and, I think, Nationwide

Whilst, however, there was the shadow of a government bail-out over Lloyds Banking Group, it would have been a difficult move

I am a shareholder, though, and so generally pleased with the takeover approach.

LBG were happy enough to try shafting Halifax mortgage customers with a similar guarantee.

I'd be pretty certain that Lloyds, TSB, C&G and IF mortgage contracts pretty much shut the door on a similar approach. If they didn't it would have happened years ago.

Paul_1977

Got another letter today just to confirm an offer has been made. 9th April is the deadline to say if its going ahead I think.

System

As you're acting in a business capacity in BTL, you'll have less protection that someone with a mortgage on their actual home.

For example, The Unfair Terms in Consumer Contracts Regulations only apply in a business / consumer relationship.

keiran wrote: »

The only people who may need to be concerned are those mortgage customers of the old Cheltenham and Gloucester ( part of Lloyds Banking Group which was then hived off into TSB) who have tracker rate mortgages "guaranteed" to be no more than 2% above base rate (I'm currently paying 2.5% on my buy-to-let property)