TSB returns to UK high streets

After 18 years, TSB name returns at 600 Lloyds bank branches across UK.

08:15 10 September 2013

18 years after disappearing from the high street, TSB bank returns in different UK towns on Monday after more than 630 branches, which were previously Lloyds’ units, reopened with a new identity.

TSB, which was axed in 1990s when it merged with Lloyds, is best known for its slogan “the bank that liked to say yes.” It is expected to become the eight largest high street bank in Britain.

Antonia Horta-Osori, TSB chief executive, told BBC last week that customers will not notice any change aside from the name. Five million customers will have their accounts transferred.  As a part of process ordered by the European Commission, the new bank will be sold off next year with the aim to provide greater competition to customers.

However, not everybody is convinced that the move will boost competition.
Shore Capital's banking analyst Gary Greenwood said: "TSB will be painted as a new challenger brand on the high street but I doubt that its pricing is going to be very differentiated to competitors.

"Current accounts tend to be very sticky and customers only tend to move if they have a really, really bad experience.”