User:Duke of New Gwynedd/sandbox/Lloyds TSB
 Lloyds TSB branch in Oxford | |
| Company type | Public limited company |
|---|---|
| Lloyds TSB | |
| Industry | Financial services |
| Predecessor | Lloyds Bank Trustee Savings Bank |
| Founded | 28 December 1995 (Lloyds TSB Group) 28 June 1999 (Lloyds TSB Bank plc) |
| Fate | Renamed (Lloyds TSB Group) Demerged (Lloyds TSB Bank plc) |
| Successor | Lloyds Banking Group (Lloyds TSB Group) Lloyds Bank & TSB Bank (Lloyds TSB Bank plc) |
| Headquarters | 25 Gresham Street, , |
| Products | Banking and Insurance |
Lloyds TSB Bank plc (trading as Lloyds TSB) was the official name of Lloyds Bank from 1999 until 2013. It was formed through the merger of Lloyds Bank and Trustee Savings Bank, which Lloyds had acquired in a reverse takeover in 1995. It began trading after the process of integration was completed in 1999.[1]
History
edit1995-1999: Formation
editLloyds Bank merged with TSB Group in 1995,[2][3] which was structured as a reverse takeover. Lloyds Bank plc was delisted from the London Stock Exchange and TSB Group plc was renamed Lloyds TSB Group plc on 28 December, with former Lloyds Bank shareholders owning a 70% equity interest in the share capital, effected through a scheme of arrangement.
On 28 June 1999, TSB Bank plc transferred all engagements to Lloyds Bank plc which then changed its name to Lloyds TSB Bank plc as a result, at the same time, TSB Bank Scotland plc absorbed Lloyds' three Scottish branches becoming Lloyds TSB Scotland plc. This formed the largest bank in the UK by market share and the second-largest to Midland Bank by market capitalisation. Lloyds' black horse symbol was retained and modified to reflect the merger.[4][5]
1999-2009: Acquisitions and growth
editIn 1999, the group agreed to buy the Scottish Widows life insurance fund for £7 billion,[6] and on 3 March 2000 the society was demutualised as part of the acquisition.[7] In July 2001 the company made a bid to merge with Abbey National but the bid was blocked by the Competition Commission, as they ruled that a merger would be against public interest.[8]
2009-2013: Divestment and demerger
editReferences
edit- ^ "Lloyds TSB Act 1998". legislation.gov.uk. Retrieved 5 May 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ "Obituary: Sir Brian Pitman". The Telegraph. 12 March 2010. Archived from the original on 12 January 2022. Retrieved 5 May 2024.
- ^ Cowe, Roger (11 March 2010). "Obituary: Sir Brian Pitman". The Guardian. Retrieved 5 May 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ "The Black Horse". Lloyds Banking Group. Archived from the original on 13 June 2016. Retrieved 5 May 2024.
- ^ "Banks turn to branding". BBC News. 28 June 1999. Retrieved 5 May 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ "Lloyds TSB buys Scottish Widows". BBC News. 23 June 1999. Retrieved 5 May 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ "Q&A: Standard Life demutualisation". BBC News. 2004-03-31. Retrieved 2024-05-05.
{{cite news}}: CS1 maint: url-status (link) - ^ "Lloyds TSB/Abbey tie-up blocked". BBC News. 2001-07-10. Retrieved 2024-05-05.
{{cite news}}: CS1 maint: url-status (link)