TSB is up for sale again

Hoenir

WillPS said:

You could argue nobility, but to do so would totally misrepresent true motivation. It certainly wasn't altruism. Both Lloyds TSB and HBOS were at risk of collapse without treasury assistance. 

Not the case . LloydsTSB was perfectly sound. HBOS was the basket case. 

I'm always reminded of this article. Which succintly sums up it's short existance. 

https://www.ianfraser.org/the-worst-bank-in-the-world-hboss-calamitous-seven-year-life/

Anybody that heard Paul Moore once head of Group Regulatory Risk speak before he died. Would have likewise heard unbelievable accounts of the internal operations of the bank. 

Olenna

Hoenir said:

WillPS said:

You could argue nobility, but to do so would totally misrepresent true motivation. It certainly wasn't altruism. Both Lloyds TSB and HBOS were at risk of collapse without treasury assistance. 

Not the case . LloydsTSB was perfectly sound. HBOS was the basket case. 

I'm always reminded of this article. Which succintly sums up it's short existance. 

https://www.ianfraser.org/the-worst-bank-in-the-world-hboss-calamitous-seven-year-life/

Anybody that heard Paul Moore once head of Group Regulatory Risk speak before he died. Would have likewise heard unbelievable accounts of the internal operations of the bank. 

If you look more into the issue, you'll actually find LloydsTSB group was also looking for a (smaller) bailout - the UK Treasury worked out it was cheaper for the taxpayer to bail out Lloyds & HBOS as a combined entity and it partially waived domestic UK competition rules to ease the takeover. 

Incidentally, LloydsTSB & HBOS actually had historic merger discussions but discontinued them as they saw no way around UK and EU competition hurdles.  

WillPS

Hoenir said:

WillPS said:

You could argue nobility, but to do so would totally misrepresent true motivation. It certainly wasn't altruism. Both Lloyds TSB and HBOS were at risk of collapse without treasury assistance. 

Not the case . LloydsTSB was perfectly sound. HBOS was the basket case. 

I'm always reminded of this article. Which succintly sums up it's short existance. 

https://www.ianfraser.org/the-worst-bank-in-the-world-hboss-calamitous-seven-year-life/

Anybody that heard Paul Moore once head of Group Regulatory Risk speak before he died. Would have likewise heard unbelievable accounts of the internal operations of the bank. 

Lloyds TSB certainly were not in as dire situation as RBS, HBOS, Northern Rock or Bradford & Bingley, but be under no illusion - they absolutely needed the treasury's support.

The only eligible bank who didn't take support of some form or another was HSBC. Even Nationwide and Yorkshire Building Society received support in the form of guarantees.

HillStreetBlues

Maybe we can have a whip round with all the incentives we have on here and put in a bid.

Lightning360

Santander has made a bid for TSB. The rumours are that Barclays have also, but we don't know what their bid is.

"The offer would value the British bank at more than 2.3 billion pounds ($3.15 billion), one of the people said. Sabadell may hold a board meeting as soon as Tuesday to decide on whether to proceed and if so which bid will win, the person said."

https://www.reuters.com/business/finance/santander-bid-would-value-tsb-more-than-32-billion-source-says-2025-06-30/

Lightning360

Looks like Santander has bought TSB

https://www.cityam.com/santander-snaps-up-tsb-bank-for-2-9bn/

stclair

The press release from Santander and TSB is here: 

https://www.tsb.co.uk/news-releases/Sabadell-has-reached-an-agreement-to-sell-TSB-to-Santander-Group.html

https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-to-acquire-tsb-from-sabadell-for-ps265

HillStreetBlues

Looks like I've had the last switching reward from TSB as by time I qualify again the brand will be gone.

WillPS

HillStreetBlues said:

Looks like I've had the last switching reward from TSB as by time I qualify again the brand will be gone.

Santander trades under 3 different brands in the UK. Bit soon to conclude TSB as a brand is going to be squelched.

Hoenir

WillPS said:

Hoenir said:

WillPS said:

You could argue nobility, but to do so would totally misrepresent true motivation. It certainly wasn't altruism. Both Lloyds TSB and HBOS were at risk of collapse without treasury assistance. 

Not the case . LloydsTSB was perfectly sound. HBOS was the basket case. 

I'm always reminded of this article. Which succintly sums up it's short existance. 

https://www.ianfraser.org/the-worst-bank-in-the-world-hboss-calamitous-seven-year-life/

Anybody that heard Paul Moore once head of Group Regulatory Risk speak before he died. Would have likewise heard unbelievable accounts of the internal operations of the bank. 

Lloyds TSB certainly were not in as dire situation as RBS, HBOS, Northern Rock or Bradford & Bingley, but be under no illusion - they absolutely needed the treasury's support.

Lloyds received no Treasury support. Unbeknown to shareholders at the time of the merger. The Treasury provided a £25 billion loan to LLoyds to keep HBOS solvent. Having conducted a thorough review of HBOS's mortgage book some months later. Lloyds reported that around 1:3  advances failed their own underwriting lending criteria. HSBC for the record was equally well run.