We’ve agreed to transfer some of our branches and accounts to a new owner.
Update on 24 April 2013.
On 24 April, Lloyds Banking Group made an announcement about the latest position with the transfer of some branches and accounts to a new owner. We have been in exclusive negotiations with the Co-operative Group about this transfer and these negotiations have drawn to a close. Read the full announcement.
We are making good progress in setting up the branches and accounts as a separate bank which will be called TSB and TSB will be a new bank on the high street in the summer. We now expect to transfer TSB to new ownership through an Initial Public Offering (IPO) and we will continue to provide regular updates on this site.
There is no impact on customers’ banking arrangements following today’s announcement.
Customers don’t need to do anything and can carry on banking in the same way as they do now, accessing their accounts as usual via the branch, telephone and online banking. We are committed to working to make the transfer as smooth as possible. We will continue to update customers during this process.
About the transfer.
We've agreed to transfer part of our business to a new owner. It includes some Lloyds TSB branches, together with most customers' accounts and the staff who are based in those branches. Of the 1,770 Lloyds TSB and Lloyds TSB Scotland branches, 468 will be transferred. All Cheltenham & Gloucester branches will also be transferred.
The changes follow a ruling by the European Commission (EC) in 2009. The aim of the ruling is to increase competition and customer choice in the UK banking sector through the creation of a new bank. In line with this ruling, Lloyds Banking Group is transferring part of its business to a new owner. You can find more about the EC ruling at ec.europa.eu by searching for ‘Lloyds Banking Group’.
We are writing to customers who are affected by the transfer to let them know what it means for them. The new bank will offer many of the same systems, products and services that you use now so you can carry on banking as you do today.
The new bank will be TSB Bank plc.
Later this year, the branches and accounts that are included in the transfer will be brought together under one banking licence and re-named TSB Bank plc.
You can find a list of the branches that will be included in the transfer here, and if you want to look up branches that you use, our branch checker will let you do that.
The timeline below highlights the key dates in this process. You can carry on using your accounts as usual and we will give you regular updates about any changes that affect you.