Lloyds, the new TSB Bank and how customers are affected
- Published
More than 600 branches will be rebranded as TSB
The accounts of millions of Lloyds customers are being transferred to a new stand-alone bank, called TSB.
The new institution faces an element of uncertainty after a proposed deal to sell 631 branches to the Co-op collapsed.
Instead TSB will be sold through a listing on the stock market, probably in late 2014.
Antonio Horta-Osorio, chief executive of Lloyds Banking Group, says the transition for customers will be "seamless". It will not affect the key functions of their accounts, and they do not need to do anything at this stage.
However, there have been website problems on the launch day.
Which customers are affected?
Have they been warned this is happening?
So what happens next?
Millions of customers have received letters explaining the move
What about mortgages, overdrafts and interest rates?
So how did the Co-op feature in all this?
When will we know more?
Are my savings safe?
- Published24 April 2013