LBG said TSB will build on its 200 year heritage to bring local banking to communities across Great Britain and will be a challenger bank offering current accounts, savings, mortgages, insurance and loans as well as supporting small businesses.
António Horta-Osório, Lloyds Banking Group chief executive, said: “This is a unique event; Lloyds Banking Group is increasing choice and competition in the market by launching one bank and revitalising another.
“The presence of these two strong brands on the UK high street will provide more choice to our customers and the wider market. The changes reinforce our commitment to better serve our customers as well as delivering a stronger and more competitive banking industry in the UK.”
The new Lloyds Bank brand will be revitalised across almost 1300 branches on the UK high street from 23 September.
As part of the change, customers of both Lloyds Bank and TSB will be able to use both branded banks for their everyday banking needs for some time to come.
The creation of the two new brands follows a ruling by the European Commission in 2009 that said LBG should transfer part of its business to a new owner.
The creation of TSB is the next step in meeting this obligation and the new bank is now prepared for flotation in 2014.
