TSB splitting from Lloyds

Lloyds Banking Group today created two separate banks - TSB and Lloyds Bank.

TSB will have a network of 631 branches - including Todmorden - following the ruling by the European Commission that the group should transfer part of its business to a new owner.

At the same time Lloyds Bank marks another milestone in its 250 year history as its brand will be revitalised across almost 1,300 branches on the UK high street from September 23.

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As part of the change, customers of both Lloyds Bank and TSB will be able to use both branded banks for their everyday banking needs for some time to come.

Lloyds Banking Group Chief Executive, António Horta-Osório commented: “This is a unique event; Lloyds Banking Group is increasing choice and competition in the market by launching one bank and revitalising another.

“The presence of these two strong brands on the UK high street will provide more choice to our customers and the wider market.

The creation TSB is the next step in meeting the European Commission obligation and the bank is now prepared for flotation in 2014.