But public anger and mistrust has been stoked recently by scandals where it emerged that banks had misled clients into buying loan insurance they did not need, and separately collaborated to fix benchmark interest rates.Īn influential cross-party committee of lawmakers set up to review standards within the industry said in June that a lack of competition in UK retail banking was an important reason why poor standards of conduct persisted in the industry. 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 LLOY.L, 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.īritain's banking industry has been dominated for decades by a handful of names: Lloyds, RBS RBS.L, Barclays BARC.L, HSBC HSBA.L, and Santander UK SAN.MC control 83 percent of retail accounts. wiki-commons:Special:FilePath/TSB_logo_2013.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.wiki-commons:Special:FilePath/TSB_Newcastle.jpg.wiki-commons:Special:FilePath/TSB_Bank_Shrewsbury_Branch.jpg.The bank was formed from the existing business of Lloyds TSB Scotland plc, into which a number of Lloyds TSB branches in England and Wales and all branches of Cheltenham & Gloucester were transferred, and renamed TSB Bank plc. Its headquarters are located in Edinburgh and it has more than 5.0 million customers with over £35 billion of loans and customer deposits. TSB in its present form launched on 9 September 2013. You only receive this £85,000 protection once under each bank or building. TSB Bank operates a network of 220 branches across England, Scotland and Wales but has not had a presence in Northern Ireland since 1991. The UKs level of savings compensation is currently £85,000 - or £170,000 for joint accounts - as of January 2017. TSB Bank plc is a retail and commercial bank in the United Kingdom and a subsidiary of Sabadell Group.yago:DepositoryFinancialInstitution108420278.dbt:Commercial_and_retail_banks_in_the_United_Kingdom.dbr:File:TSB_Bank_Shrewsbury_Branch.JPG.dbr:List_of_Sort_Codes_of_the_United_Kingdom.The new company, Lloyds Banking Group plc, immediately became the largest retail bank in the UK. unprecedented turbulence in the global financial markets, HBOS plc was acquired by Lloyds TSB. dbc:Mortgage_industry_of_the_United_Kingdom In 2001, Bank of Scotland merged with the Halifax to form HBOS plc.dbc:British_subsidiaries_of_foreign_companies.dbc:British_companies_established_in_2013.dbc:Companies_formerly_listed_on_the_London_Stock_Exchange.dbr:Financial_Services_Compensation_Scheme.dbr:2008_United_Kingdom_bank_rescue_package.dbr:Prudential_Regulation_Authority_(United_Kingdom).wiki-commons:Special:FilePath/TSB_logo_2013.svg?width=300.
In 2015, it was acquired by Spain's Banco Sabadell. Post-divestment, TSB offered an initial public offering and was listed on the London Stock Exchange in June 2014.
A European Commission ruling that the British government's 2009 purchase of a 43% stake in Lloyds Banking Group counted as state aid made it necessary for Lloyds Banking Group to sell a portion of its business TSB was divested.
TSB Bank operates a network of 220 branches across England, Scotland and Wales but has not had a presence in Northern Ireland since 1991. Bank of England fines former TSB executive over 2018 IT meltdown. TSB Bank plc is a retail and commercial bank in the United Kingdom and a subsidiary of Sabadell Group. Lloyds Banking Group remained the UKs biggest mortgage lender last year, lending 52.7.
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