TSB is up for sale again

GeoffTF

Gers said:

GeoffTF said:

Gers said:

https://www.bbc.co.uk/news/articles/cdjxxvg3vpeo

TSB name could disappear from UK in Santander deal

Is that shocking enough to deserve the giant print?

No - it was a copy and paste from the BBC website which I couldn't change.  Not sure why it bothers you so much...but, no need to explain. It matters not.

I just found it so amusing that someone seemed to care about the TSB name so much. Copying the text into a text editor removes the formatting. You can then copy the text from the text editor and paste it onto this website.

Eco_Miser

TSB have emailed me about the sale:

Important information for TSB customers.

Hello Eco,

I wanted to write to you directly and update you on an important announcement from TSB’s owners, Sabadell.

Having owned TSB for ten years, Sabadell have confirmed that they have accepted an offer from Santander to buy TSB. The deal still needs to be approved by Sabadell shareholders, as well as by regulators.

The process for completing this deal is expected to take several months. We will continue to share details throughout the process and update you on the expected timings.  

Meanwhile, it is very much business as usual for TSB customers while this process takes place. TSB continues to operate as a full-service bank, and our focus remains on supporting you, and all our customers, as we have always done. No action is required by you as a result of this announcement.

I wanted to thank you for continuing to bank with TSB. We are incredibly grateful for your support and look forward to continuing to serve you and deliver on TSB’s purpose to help everyone feel more confident with their money, every day. 

Please do get in touch with us if you have any questions at all about this news. In the meantime, we have set up a Q&A section on our TSB website.
Find out more

Thank you, 
Marc Armengol 
TSB CEO 

The Find out more link goes to  https://www.tsb.co.uk/tsb-update.html

WillPS

EarthBoy said:

WillPS said:

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.

In this interview, Santander's Chief Financial Officer confirms that TSB will be migrated to the Santander platform. 

Watch Santander CFO Says TSB Brand Has a ‘Lot of Value’ - Bloomberg

When asked if they will do away with the TSB brand, he doesn't actually say one way or the other, he just says they will decide what to do when the merger completes.  However, he says that TSB customers will have access to more branches, which at least implies they will get rid of the brand, unless they follow the Lloyds Banking Group's approach and allow customers of multiple brands to use any of their branches.

Indeed I would expect they would as a bare minimum platform migration - which is consistent with Cahoot and Cater Allen which also use the Santander platform. Neither have branches either. 

Not saying it will or won't happen anyway - Abbey [National] was arguably a better respected brand at the point they flushed that away. Just too soon to be sure.

Olenna

HillStreetBlues said:

EarthBoy said:

In this interview, Santander's Chief Financial Officer confirms that TSB will be migrated to the Santander platform. 

Watch Santander CFO Says TSB Brand Has a ‘Lot of Value’ - Bloomberg

When asked if they will do away with the TSB brand, he doesn't actually say one way or the other, he just says they will decide what to do when the merger completes.  However, he says that TSB customers will have access to more branches, which at least implies they will get rid of the brand, unless they follow the Lloyds Banking Group's approach and allow customers of multiple brands to use any of their branches.

I will take that with a large pinch of salt, Buy something then decide! I think not.

True, they'll have a plan that will probably surface should all approvals proceed.

If still planning to exit the UK, they could easily rebrand the enlarged business as TSB for float or sell it off. Their in-house standalone brands (Abbey National, Alliance & Leicester and Bradford & Bingley) have been out of circulation for a while.

EarthBoy

"Asked about closures and job losses, Santander’s UK boss Mike Regnier said: ‘There will be efficiencies that we expect to make.’....

Regnier said TSB was a powerful brand but that ‘typically at Santander we tend to use the Santander brand on the High Street around the world. That’s the approach we normally take.’ "

https://www.thisismoney.co.uk/money/markets/article-14869901/High-St-set-branch-closures-Santander-snaps-rival-TSB-2-9bn-deal.html

HillStreetBlues

EarthBoy said:

"Asked about closures and job losses, Santander’s UK boss Mike Regnier said: ‘There will be efficiencies that we expect to make.’....

Regnier said TSB was a powerful brand but that ‘typically at Santander we tend to use the Santander brand on the High Street around the world. That’s the approach we normally take.’ "

https://www.thisismoney.co.uk/money/markets/article-14869901/High-St-set-branch-closures-Santander-snaps-rival-TSB-2-9bn-deal.html

Already talking about it in past tense, I would take a brave person to bet that the brand will be about at the end of the decade.

Section62

HillStreetBlues said:

EarthBoy said:

"Asked about closures and job losses, Santander’s UK boss Mike Regnier said: ‘There will be efficiencies that we expect to make.’....

Regnier said TSB was a powerful brand but that ‘typically at Santander we tend to use the Santander brand on the High Street around the world. That’s the approach we normally take.’ "

https://www.thisismoney.co.uk/money/markets/article-14869901/High-St-set-branch-closures-Santander-snaps-rival-TSB-2-9bn-deal.html

Already talking about it in past tense, I would take a brave person to bet that the brand will be about at the end of the decade.

But as Olenna hints at, it could be an equally brave bet that Santander UK will still be here by then.

molerat

There was a news article on TV the other night with the reporter standing outside a TSB branch.  The camera swung round to the Santander branch across the road, then to the cafe that was once B&B and then to another that was once A&L.  History has shown that they will not have multiple branches in one town.

GeoffTF

Section62 said:

HillStreetBlues said:

EarthBoy said:

"Asked about closures and job losses, Santander’s UK boss Mike Regnier said: ‘There will be efficiencies that we expect to make.’....

Regnier said TSB was a powerful brand but that ‘typically at Santander we tend to use the Santander brand on the High Street around the world. That’s the approach we normally take.’ "

https://www.thisismoney.co.uk/money/markets/article-14869901/High-St-set-branch-closures-Santander-snaps-rival-TSB-2-9bn-deal.html

Already talking about it in past tense, I would take a brave person to bet that the brand will be about at the end of the decade.

But as Olenna hints at, it could be an equally brave bet that Santander UK will still be here by then.

I do not think it is likely that Santander will leave the UK within ten years after paying a premium price for TSB.

ranciduk

WillPS said:

EarthBoy said:

WillPS said:

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.

In this interview, Santander's Chief Financial Officer confirms that TSB will be migrated to the Santander platform. 

Watch Santander CFO Says TSB Brand Has a ‘Lot of Value’ - Bloomberg

When asked if they will do away with the TSB brand, he doesn't actually say one way or the other, he just says they will decide what to do when the merger completes.  However, he says that TSB customers will have access to more branches, which at least implies they will get rid of the brand, unless they follow the Lloyds Banking Group's approach and allow customers of multiple brands to use any of their branches.

Indeed I would expect they would as a bare minimum platform migration - which is consistent with Cahoot and Cater Allen which also use the Santander platform. Neither have branches either. 

Not saying it will or won't happen anyway - Abbey [National] was arguably a better respected brand at the point they flushed that away. Just too soon to be sure.

If there is platform migration- in your opinion what sort of time scale would you think that a TSB customer would go over to Santander’s IT systems ? Just a ball park figure

a year?

two?

five??