Lloyds Banking Group's TSB reopens as stand-alone brand

9th Sep 2013 09:27

Lloyds Banking Group's Trustree Savings Banks (TSB) will reopen on the high street Monday as a stand-alone brand.Lloyd is disposing hundreds of branches under the new brand name to meet competition rules by the European Commission.TSB, which merged with Lloyds in 1995, will open 631 branches England, Scotland and Wales. It will make TSB the seventh largest bank in the UK."TSB will be different from other banks in that it is purely focused on individuals, families and local businesses in the communities we serve across Britain," TSB said in a statement. The new TSB bank is expected to sell shares to the public in 2014 to become completely separate from Lloyds. Lloyds is required to shed branches under conditions of its £25bn government bailout in 2008. The European Commission said the disposal would help to redress any competitive advantage the bank would have as a result of their increased size.Shares were up 0.05% to 75.45p at 09:39.RD