TSB Bank (United Kingdom)

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TSB Bank
Company type Subsidiary
Industry Banking
Financial services
Predecessor Lloyds TSB
Cheltenham & Gloucester
Founded2013
Headquarters Edinburgh, Scotland, UK
Number of locations
220 branches (2022)
Area served
 United Kingdom
Key people
Nicholas Prettejohn
(Chairman)
Robin Bulloch
(Chief Executive)
Products Retail banking
Commercial banking
General insurance
Life insurance
Revenue £1.1 billion (2022)
£181 million (2022)
Number of employees
5,592 (2022)
Parent Sabadell Group
Website www.tsb.co.uk
Footnotes /references
[1]

TSB Bank plc is a British retail and commercial bank based in Edinburgh, Scotland. It has been a subsidiary of Sabadell Group since 2015.

Contents

As of 2022, TSB Bank operates a network of 220 branches. [1] TSB was launched on 9 September 2013. Its headquarters are located in Edinburgh, Scotland, and it has more than five million customers [2] with over £37 billion of lending and £36 billion of customer deposits. 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, [3] and renamed TSB Bank plc.

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. Post-divestment, TSB offered an initial public offering and was listed on the London Stock Exchange in June 2014. [4] In 2015, it was acquired by Sabadell Group. [5]

History

Trustee Savings Bank

The TSB name was previously used by Trustee Savings Bank prior to its merger with Lloyds Bank in 1995, [6] resulting in the formation of Lloyds TSB in 1999.

The merger was structured as a reverse takeover by TSB. Lloyds Bank was delisted from the London Stock Exchange and TSB Group was renamed Lloyds TSB Group in 1995, with former Lloyds Bank shareholders owning a 70% equity interest in the share capital, effected through a scheme of arrangement. The new bank commenced trading in 1999, after the statutory process of integration was completed. [7] The original TSB Bank transferred engagements to Lloyds Bank which then changed its name to Lloyds TSB Bank; at the same time, TSB Bank Scotland absorbed Lloyds' three Scottish branches becoming Lloyds TSB Scotland.

In 1986, the legal entity, Trustee Savings Bank, was renamed TSB Scotland (and, in 1989, TSB Bank Scotland), before becoming Lloyds TSB Scotland in 1999. [8] This company was re-registered under the name TSB Bank in 2013. [9] The parent, TSB Banking Group, was registered in England in 2014 and later that year TSB Bank ceased to be part of the Lloyds Banking Group. [10]

Project Verde

TSB Newcastle city centre, a former Lloyds TSB branch TSB Newcastle.jpg
TSB Newcastle city centre, a former Lloyds TSB branch

In January 2009 Lloyds TSB Group bought HBOS, the company formed from the merger of Halifax plc and the Bank of Scotland, and renamed itself Lloyds Banking Group. [11] In 2009, following the UK bank rescue package, the Government of the United Kingdom took a 43.4% stake in Lloyds Banking Group, which later announced that it would sell a standalone retail banking business of 632 branches and most accounts held at those branches in order to comply with European Commission state aid requirements. [12]

Codenamed "Verde", the group's divestment plan identified 632 branches which were transferred to a new business. Customers with accounts held by the branches and staff employed within them were also transferred. A number of Lloyds TSB branches in England and Wales, together with all branches of Lloyds TSB Scotland and Cheltenham & Gloucester, were brought together to form the new business, which operates under the TSB brand. [3] The remainder of the Lloyds TSB business was rebranded back to the Lloyds Bank name. [13]

Agreement with Co-operative Banking Group

Lloyds Banking Group reached a heads-of-terms agreement in July 2012 to sell the Verde branches to the Co-operative Bank for £750 million. [14] [15] The final transfer of TSB Bank to the new owner was planned to be completed by late 2013. In February 2013, it was reported that Lloyds Banking Group was considering a stock market flotation of the TSB business as an alternative, should the transfer not be completed, and they would make a final decision by the end of July. The Co-operative Banking Group blamed current economic conditions for delays in completing the deal and had sold its life insurance assets for £200 million in an effort to secure £1 billion needed to complete the deal. [16] [17]

In April 2013, The Co-operative Group announced that it would not proceed with the transaction, citing the economic environment and increasing regulatory requirements in the financial sector. [18]

Initial public offering

TSB Bank plc began operating as a separate business within Lloyds Banking Group on 9 September 2013, [19] with the intention of selling it off through an initial public offering. [20] Lloyds Banking Group announced that 25% of TSB's shares would be floated on 24 June 2014, [21] but, with the offer being ten-times oversubscribed, 38.5% of shares in TSB Banking Group, were sold at 260p on 20 June. [22] Unconditional trading in the shares started on 25 June 2014. A further 11.5% of TSB Banking Group shares were sold by Lloyds Banking Group in September 2014, bringing its share holding down to 50%. [23]

According to Lloyds' chief executive, António Horta-Osório, the separation cost £1 billion more to perform than the new bank is worth. [24]

Acquisition by Sabadell Group

On 12 March 2015, TSB confirmed a takeover bid by Sabadell for £1.7 billion, less than a year after it rejoined the stock market through Lloyds Banking Group's sale of 50% of its holding. [25] TSB agreed to the takeover on 20 March 2015 [26] which was completed on 8 July 2015. [5] After the acquisition, a new board of directors was formed, including Tomás Varela and Miguel Montes Güell. [27]

In October 2015, Sabadell Group outlined its plans for TSB to continue as a competitor in the UK banking sector, by further expanding into the small business banking market, and introducing cardless emergency cash and mobile payments. [28] Sabadell also confirmed that the TSB name would be retained, as the group felt it was a "very powerful" brand with "traction" in the UK, unlike the parent brand, which is "virtually unknown". [29] TSB's banking platform, which had used that of Lloyds Banking Group, was migrated to a UK-based replica of Sabadell's Proteo platform by the end of 2017. [30]

Migration to the Sabadell Proteo banking platform

A planned migration of customer records from the Lloyds Banking Group platform to the Sabadell Proteo platform commencing on 20 April 2018 resulted in the loss of internet and mobile banking services for many customers for at least a week. Additionally, some customers reported seeing detailed account information of other customers, including balances of accounts other than their own. [31]

On 26 April 2018, Paul Pester, then chief executive, stated that TSB was "on its knees" with the bank's computers continuing to have "a capacity issue" that was preventing about one million customers having access to online banking services. [32]

Two weeks after commencement of the migration, failures were still being reported with services such as the online banking application giving internal SQL database-related errors. Payment difficulties, particularly with business and mortgage accounts continued into a fourth week [33] and it was revealed that TSB had rejected an offer of assistance from Lloyds Banking Group at the start of the migration crisis. [34] A former TSB board member was quoted by the BBC as saying "human error, pride and software failure" led to TSB's "dreadful" response. [33] There were further problems affecting login to online services, and the ability to transfer money on 3 September. [35]

On 4 September 2018, Pester resigned due to the IT failure, and Richard Meddings, the non-executive chairman, became executive chairman until a new CEO could be found. [36] In November 2018 TSB announced Debbie Crosbie as new CEO. [37]

In 2019 TSB returned to profit. [38] In November 2019, TSB was struck by "new IT glitch". [39] TSB closed 82 branches in 2020 to cut down expenses. [40] Further branch closures in 2021 and 2022 brought the network down to 220 branches.

In 2022, the bank was fined £48.65 million for the poor migration process. [41] In 2023, the Prudential Regulation Authority personally fined Carlos Abarca £81,000 for his part in the debacle. He had been the chief information officer at the TSB at the time. The fine was reduced from £116,600 after he agreed to settle the matter. [42]

Corporate affairs

Identity

TSB's logo is similar to the logo of the former Trustee Savings Bank and consists of three interlocking circles in varying shades of blue bearing the name of the bank. Since its launch in 2013, TSB has used the slogan "Local banking for Britain" rather than "The bank that likes to say yes" slogan used by the former Trustee Savings Bank. TSB's launch advertising campaign featured a short film about the bank's founder Henry Duncan and was voiced by Patrick Stewart. [43]

Locations

On its formation in September 2013, TSB Bank plc had:

Services

A branch of TSB, formerly Cheltenham & Gloucester, on the High Street in Shrewsbury TSB Bank Shrewsbury Branch.JPG
A branch of TSB, formerly Cheltenham & Gloucester, on the High Street in Shrewsbury

The bank offers a full range of personal and business banking and financial services, including current accounts, mortgages, credit products, insurance, and savings products. TSB Bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. [46] It is a member of the Financial Ombudsman Service and the Financial Services Compensation Scheme, and subscribes to the Lending Code. [47] The bank has an agreement with Visa Inc. to issue Visa Debit cards to its current account customers.

The bank uses the following series of sorting codes:—

RangeNote
30 to 39former Lloyds TSB branches (in turn pre-merger Lloyds Bank branches) in England & Wales; former C&G Savings codes (used until early 2014) [note 1]
77-00 to 77-44
77-46 to 77-99		former Lloyds TSB branches (in turn pre-merger TSB branches) in England & Wales; former C&G branches in England & Wales (allocated new sort codes in 2014) [note 1]
87former Lloyds TSB Scotland branches; former C&G branches in Scotland (allocated new sort codes in 2014) [note 1]

Whistletree

Whistletree
Company typeTrading division
Industry Banking
Founded2015
Headquarters Skipton [48] ,
United Kingdom
Services Mortgages
Website www.whistletree.co.uk

Whistletree is a trading division of TSB Bank plc which was established to administer mortgage and other loans acquired by TSB from other lenders. It is served by a standalone website and separate contact centre, with TSB branch staff have no access to Whistletree accounts. [49] The division's name refers to the blue tree branding used by TSB Bank and the whistling that features in its television advertising. [50]

Whistletree was formed in 2015 to administer the £3.3 billion in mortgages assets that TSB purchased in November 2015 from the nationalised NRAM plc, the "bad bank" formed from the former Northern Rock. [51] The acquisition was completed in July 2016. [52]

In January 2017, TSB Bank plc agreed to acquire the loan and mortgage assets of Airdrie Savings Bank which was wound up on 28 April 2017. These assets are also administered by the Whistletree division of the bank. [53]

Notes

  1. 1 2 3 C&G branches used sort codes in the 30-55 to 30-61 range until becoming TSB in September 2013, and continued using them as TSB branches until early 2014, when each was upgraded to offer the full range of TSB products and services and given a new 77 or 87 sort code.

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References

  1. 1 2 TSB Banking Group plc: Annual Report and Accounts. TSB (Report).
  2. ↑ "2020 Full Year Results" (PDF). TSB Bank. 19 January 2022.
  3. 1 2 Emma Simon (26 November 2012). "Millions of Lloyds customers told banking details to change". The Daily Telegraph . Archived from the original on 27 November 2012. Retrieved 16 March 2013.
  4. ↑ "TSB shares jump on trading debut and lift prospects for future Lloyds sell-off". The Guardian . 20 June 2014. Retrieved 20 June 2014.
  5. 1 2 "Banco Sabadell acquires 100% of TSB shares – Banco Sabadell". bancsabadell.com. Retrieved 17 July 2015.
  6. ↑ Batiz-Lazo, Bernardo (19 January 2003). A case study on the strategy and stock market performance of Lloyds Bank (1980-1993) (Report). Open University Business School. Retrieved 4 October 2016.
  7. ↑ Lloyds TSB Act 1998 (cap. 5).
  8. ↑ Also in 1986, the legal entity, Central Trustee Savings Bank, was renamed TSB England and Wales, becoming TSB Bank in 1989. This company, which has been dormant since 1999, was re-registered under the name Lloyds (Gresham) Ltd. in 2013.
  9. ↑ Registered in Scotland No. SC095237.
  10. ↑ Registered in England No. 08871766.
  11. ↑ "Lloyds HBOS merger gets go-ahead". BBC News . 12 January 2009. Retrieved 16 March 2013.
  12. ↑ Rights Issue and Capital Enhancement Proposals Presentations and Webcasts, Lloyds Banking Group, 3 November 2009
  13. ↑ Mark Banham (13 September 2010). "Lloyds TSB to rebrand as Lloyds Bank". Marketing. Retrieved 16 March 2013.
  14. ↑ Graham Hiscott (19 July 2012). "'Proud to make banking boring again': Co-op buys 632 branches from Lloyds and aims to restore faith in the industry". Daily Mirror . Retrieved 16 March 2013.
  15. ↑ Robert Peston (19 July 2012). "Lloyds bigs up the Co-op". BBC News. Retrieved 16 March 2013.
  16. ↑ Sharp, Tim (22 March 2013). "Economic woes hit Co-op Verde buyout". The Herald . Retrieved 24 April 2013.
  17. ↑ "End of an era: Co-operative Group set to sell-off General Insurance". Co-operative News. 21 March 2013. Retrieved 24 April 2013.
  18. ↑ "Lloyds' branch sale to Co-op falls through". BBC News. 24 April 2013. Retrieved 24 April 2013.
  19. ↑ "Lloyds faces internet issues on TSB launch day". BBC News. 9 September 2013. Retrieved 14 September 2013.
  20. ↑ "Update on 24th April 2013". Lloyds TSB. 24 April 2013. Retrieved 24 April 2013.
  21. ↑ "TSB IPO price range announced". 10 June 2014. Retrieved 8 September 2014.
  22. ↑ "TSB shares jump on trading debut and lift prospects for future Lloyds sell-off". The Guardian. 20 June 2014. Retrieved 25 June 2014.
  23. ↑ "Lloyds Bank sale of TSB stake shows demand for UK banks". Reuters. 26 September 2014. Retrieved 5 October 2014.
  24. ↑ Treanor, Jill, "Lloyds boss defends his record as four years of ‘doing the right thing’", The Guardian, 28 March 2015
  25. ↑ "TSB confirms £1.7bn takeover move by Spain's Sabadell". 12 March 2015.
  26. ↑ "TSB agrees £1.7bn takeover by Spain's Sabadell". BBC News. 20 March 2015. Retrieved 20 March 2015.
  27. ↑ "Sabadell's TSB takeover gets UK go-ahead". Financial Times . 30 June 2015. Retrieved 20 December 2018.
  28. ↑ Titcomb, James (20 March 2015). "TSB sold to Spanish bank in £1.7bn deal". The Telegraph.
  29. ↑ Emma Dunkley (4 October 2015). "Sabadell looks to TSB in UK growth strategy". Financial Times. Retrieved 17 January 2016.
  30. ↑ Andreasyan, Tanya (1 December 2017). "TSB unveils new banking tech platform, Proteo4UK". Fintech Futures. Retrieved 17 February 2018.
  31. ↑ "TSB customers rage as migration to Sabadell platform goes awry". Finextra. 23 April 2018. Retrieved 23 May 2018.
  32. ↑ Jack Torrance Julia Bradshaw (27 April 2018). "TSB customers fear payments crunch as online banking outage heads towards payday". The Telegraph. Telegraph.co.uk. Retrieved 23 May 2018.
  33. 1 2 Peachey, Kevin (15 May 2018). "TSB accused of 'dreadful response' to meltdown". BBC News. BBC News. Retrieved 23 May 2018.
  34. ↑ Karl Flinders (15 May 2018). "TSB refused help from Lloyds as IT meltdown began". Computer Weekly . Retrieved 23 May 2018.
  35. ↑ Brignall, Miles (3 September 2018). "TSB apologises for fresh disruption to online services". The Guardian. Retrieved 4 September 2018.
  36. ↑ Monaghan, Angela (4 September 2018). "TSB chief Paul Pester steps down after IT meltdown". The Guardian. Retrieved 4 September 2018.
  37. ↑ Makortoff, Kalyeena; Kollewe, Julia (19 November 2018). "TSB appoints Debbie Crosbie as new chief in wake of IT meltdown". The Guardian. Retrieved 20 December 2018.
  38. ↑ "TSB returns to profit after IT fiasco". Financial Times.
  39. ↑ "TSB struck by new IT glitch just months after £366m meltdown". The Guardian.
  40. ↑ "TSB to close 82 branches next year to cut costs". BBC News. 25 November 2019. Retrieved 26 November 2019.
  41. ↑ "TSB fined £48m over IT migration meltdown; UK house prices 'could fall 5%' in 2023 soft landing – as it happened". The Guardian. 20 December 2022. Retrieved 21 December 2022.
  42. ↑ Markortoff, Kalyeena (13 April 2023). "Former TSB chief information officer fined £81,000 over IT meltdown in 2018 13 April 2023". The Guardian. Guardian. Retrieved 13 April 2023.
  43. ↑ "TSB: The Story". YouTube. 8 September 2013. Retrieved 22 December 2015.
  44. ↑ "Branches to form part of TSB Bank plc" (PDF). lloydstsbtransfer.com.
  45. ↑ "Locations". TSB Careers. Retrieved 3 June 2013.
  46. ↑ "Information about us". TSB Bank. September 2013. Retrieved 13 September 2013.
  47. ↑ "Subscribers". Lending Standards Board. Retrieved 5 November 2015.
  48. ↑ https://www.whistletree.co.uk/site-services/complaints
  49. ↑ "Whistletree". Whistletree. Retrieved 23 May 2018.
  50. ↑ Top trends (5 August 2016). "One to One: Padraig Carton, customer service operations director, TSB". Mortgage Strategy. Retrieved 23 May 2018.
  51. ↑ "Northern Rock mortgages sold for £13bn". BBC News. 13 November 2015. Retrieved 13 November 2015.
  52. ↑ Barker, Sam (18 July 2016). "TSB sets up Whistletree brand for former Northern Rock loans". Mortgage Strategy. Retrieved 23 May 2018.
  53. ↑ "Airdrie Savings Bank to close after almost 182 years with loss of 70 jobs". Herald Scotland. 18 January 2017. Retrieved 18 January 2017.
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