Lloyds bank set for rebranding
As part of the deal with the European Commission, in relation to the significant taxpayer bailout funding, it has been revealed that Lloyds bank will be ditching the TSB name and rebranding its Lloyds TSB businesses as simply Lloyds Bank. Despite the fact that TSB is one of the best known names in the UK bank industry this is the price the company has had to pay to guarantee its future.
The takeover of TSB goes back to 1995 when the original Trustees Savings Bank business was acquired by Lloyds Bank in one of the larger bank acquisitions at the time. In total Lloyds Bank will be given four years to complete the sale of various branches which will include the TSB brand, Lloyds TSB Scotland, a number of branches operating under the name of Cheltenham and Gloucester (although the brand will stay with Lloyds bank), the Intelligent Finance division and a number of Lloyds TSB branches in England and Wales.
This will be by far and away the largest reorganisation of Lloyds bank for many years and could eventually open up the UK market to more competition if new entrants are able to raise the funds to acquire these operations.
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