Arab Today, arab today staterescued lloyds bank relaunches tsb
Last Updated : GMT 08:52:15
Arab Today, arab today
Arab Today, arab today

State-rescued Lloyds bank relaunches TSB

Arab Today, arab today

Arab Today, arab today State-rescued Lloyds bank relaunches TSB

London - AFP

Britain\'s part-nationalised Lloyds Banking Group on Monday relaunched TSB as a standalone lender, under plans to meet EU competition criteria and prepare for LBG\'s return to the private sector. LBG rebranded 631 of its British branches, calling them TSB, ahead of their stock market flotation planned for next year. TSB was a familiar part of Britain\'s banking landscape until Lloyds snapped it up 18 years ago and folded it into its name. Following the 2008 financial crisis, Lloyds TSB merged with British rival HBOS to form LBG. \"LBG is increasing choice and competition in the market by launching one bank and revitalising another,\" LBG chief executive Antonio Horta-Osorio said in a company statement. He had already stated that the move would create a \"completely clean bank\" untainted by recent scandals in Britain\'s banking sector such as the Libor interest rate-rigging affair and mis-selling of insurance products to customers. TSB -- whose history dates back to 1810 -- becomes Britain\'s eighth biggest bank in terms of store numbers, with 631 branches and 8,000 staff. The new bank has around 4.6 million customers and more than £20 billion ($31 billion, 24 billion euros) of loans and customer deposits. The move follows the collapse earlier this year of a deal, dubbed Project Verde, to sell the rebranded branches to The Co-operative Group after the potential purchaser ran into financial trouble. \"The creation of the two new brands follows a ruling by the European Commission in 2009 that said Lloyds Banking Group should transfer part of its business to a new owner,\" LBG added in Monday\'s statement. LBG, meanwhile, remains 39-percent owned by the British government after it received a vast state bailout at the height of the 2008 global financial crisis. \"The relaunch of TSB onto our high street today is another sign of progress in the biggest ever overhaul of our banking system,\" Britain\'s finance minister George Osborne said in a speech Monday on the economy. Osborne recently announced that he was considering share sale options for LBG, alongside the future flotation of TSB, as the government seeks to return the state-rescued lender to the private sector following a turnaround in its financial performance. LBG posted profit after tax of £1.56 billion in the six months to the end of June, which compared with a net loss of £697 million during the first half of 2012, recent company data showed. LBG\'s performance contrasts with that of Royal Bank of Scotland, which remains almost totally nationalised as a result of the financial crisis and which is seen as having far more work to do than Lloyds before it can return to the private sector. Shares in LBG closed up 1.47 percent to 76.52 pence Monday on London\'s FTSE 100 index of top companies, which dipped 0.25 percent overall to 6,530.74 points. \"For Lloyds, this (rebrand) is part of the bank\'s strategy to de-risk, scale down due to its huge size and steer into sustainable profitability in order to eventually see the UK government sell their stake in the bank,\" said analyst Joe Rundle at traders ETX Capital. Osborne meanwhile on Monday insisted that recent economic data vindicated his austerity measures and warned that any backtracking could jeopardise Britain\'s economic recovery.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today staterescued lloyds bank relaunches tsb Arab Today, arab today staterescued lloyds bank relaunches tsb

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today staterescued lloyds bank relaunches tsb Arab Today, arab today staterescued lloyds bank relaunches tsb

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday