A history of TSB

L-R Sir Robin Tibbs of Lloyds and Sir Nicholas Goodison (TSB) confirm the merger
L-R Sir Robin Tibbs of Lloyds and Sir Nicholas Goodison (TSB) confirm the merger
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The Trustee Saving Bank or TSB is due to be ressurected as a seperate brand by the Co-operative Bank in 2013.

TSB was absorbed into Lloyds Bank in the mid 1990s forming Lloyds TSB and the largest bank in the UK by market share.

There were Trustee Savings Banks around the UK, working as seperate entities in which directors were appointed as Trustees. The largest trustee savings banks were based in London, Glasgow, Edinburgh and Belfast.

The individual TSBs were in the past known for attracting customers from lower-middle and working-class backgrounds due to their business being based on collecting low-volume deposits.

In the early 1900s TSB became strong enough to compete with the larger London banks and the regional based TSBs gradually combined, in 1970 there were 75 savings banks in a loose association, until in 1986 TSB Group plc was floated on the stock market.

In 2008 Lloyds TSB took over HBOS in a £12bn deal meaning they then held close to a third of the UK’s savings and mortgage market.

Now the TSB brand is to be ressurected after Co-operative agreed to buy over 600 branches of Lloyds Bank.