Lloyds boss promises seamless Lloyds TSB split - Banking - News - Moneyfacts

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Lloyds boss promises seamless Lloyds TSB split

Lloyds boss promises seamless Lloyds TSB split

Category: Banking

Updated: 04/09/2013
First Published: 04/09/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Lloyds Banking Group's chief executive has promised Lloyds TSB customers they will face a seamless transition when the new TSB bank is launched next week.

On Monday, Lloyds TSB branches will be split and re-branded as either Lloyds Bank or TSB.

Both banks will remain part of the Lloyds Banking Group until TSB is sold off – this is only expected to start happening in the middle of 2014.

Of the 1,770 Lloyds TSB and Lloyds TSB Scotland branches, 467 will become TSB. All Cheltenham & Gloucester branches will also be transferred so TSB will have over 630 branches across the UK. The remaining Lloyds TSB branches will change to Lloyds Bank – there will be almost 1,300 Lloyds Bank branches.

This means that 4.6 million customers will be transferred to TSB.

In an interview with the BBC, Lloyds Banking Group's chief executive Antonio Horta-Osorio reassured customers that the only immediate change they will see is a change in name.

What this means for you

  • From next week, Lloyds and TSB will be operating independently from each other.
  • This means that branches will be rebranded, and customers will see changes to the banks' letterheads as well as a new website for TSB that is due to go live on Monday.
  • Customers will also receive new rebranded debit and credit cards.
  • Lloyds Banking Group says customers' bank account numbers and sort codes will remain the same. The Group has also reassured customers that their debit and credit cards will still work.
  • Mr Horta-Osorio told the BBC that once the transition is complete, customers of the new TSB bank will be able to easily move their accounts back to Lloyds, or Lloyds customers will be able to move their accounts to TSB.
  • Lloyds and TSB banks will be operating under separate banking licences. This means that if you have money invested in either a Lloyds or TSB account it will be covered under the Financial Services Compensation Scheme, which protects cash investors up to £85,000 per person per UK Banking Licence.

What Next?

To find out whether your branch is affected, visit Lloyds TSB's branch checker at www.lloydstsbtransfer.com/search/.

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How to switch current accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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