Lloyds: TSB bank to operate as a separate business

Lloyds has announced that TSB Bank is being set up as a separate business that will be seen on the high street from this summer.

TSB Bank is being set up as a separate business
TSB Bank is being set up as a separate business Credit: Steve Parsons/PA Wire

A statement on the bank's website said: "The Group continues to make good progress in the creation of Verde as a stand-alone bank.

"A strong management team is in place and we have made good progress in creating segregated IT systems on the proven Lloyds Banking Group platform ...

"Detailed plans are in place for a rebranding of the business as TSB which will be visible on the High Street during the summer of this year, at which point the TSB Bank (Verde) will operate as a separate business within Lloyds Banking Group."

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