Lloyds TSB

Lloyds TSB

Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank – established in Birmingham in 1765 and traditionally considered one of the Big Four clearing banks – with the TSB Group which was established in 1810. Lloyds TSB has an extensive network of branches and ATMs in England and Wales and offers 24-hour telephone and online banking services. As of 2012 it has 16 million personal customers and small business accounts. In Scotland, the bank operates as Lloyds TSB Scotland Plc.

Following its acquisition of HBOS in January 2009, the parent Lloyds TSB Group was renamed Lloyds Banking Group. In 2009, following the UK bank rescue package, HM Government took a 43.4% stake in Lloyds Banking Group, which later announced that it would sell a standalone retail banking business of 632 branches, including the TSB brand, in order to comply with European Union state aid requirements. Lloyds TSB Bank will thus be rebranded as Lloyds Bank by the end of 2013. In July 2012, it was announced that an agreement for the sale had been finalised with The Co-operative Bank.

In October 2011, Moody's Analytics downgraded the credit rating of 12 UK financial firms including Lloyds TSB, blaming financial weakness.