TSB Bank begins operation with its return to the High Street for commercial banking. The new bank has up 630 branches, made up from a number of branches initially taken out of Lloyds TSB for a sellout to the Cooperative Banking.
The new bank, now trading separately from Lloyds is using the derived TSB from `Trustee Savings Bank', which existed before their merger with Lloyds Banking group in 1995.
With the return of Lloyds to profitability, the management promptly urged the government, which holds a 43.4% stake, to sell it out to private investors.
The rebranding of the branches earlier marked for sellout (into TSB), is thought to be viable alternative, as Lloyds prepares it for a new owner, expected to emerge with a stock market floatation, through a public offering.
Lloyds management says the seperation will be smooth and uninterupted for all transiting customers.
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