TSB is back on the high street

As you know, Cheltenham & Gloucester (C&G) is part of Lloyds Banking Group. Lloyds Banking Group has prepared part of its business to form a new bank. The new bank is TSB, and you'll now see TSB branches on the high street.

TSB will remain part of Lloyds Banking Group until it is transferred to a new owner. We plan to do this through an Initial Public Offering (IPO) – this means that TSB would be listed on the London Stock Exchange separately from Lloyds Banking Group. The process is due to start in the middle of 2014 and we’ll let you know more nearer the time.

Some C&G customers have become TSB customers, and some have remained with C&G. We have contacted all our customers to let them know what this has meant for them and we are making the changes gradually, so both C&G and TSB customers can still use all branches for some time. We will put a notice in TSB branches to let you know when services for C&G customers in TSB branches will no longer be available.

TSB has over 630 branches including all Cheltenham and Gloucester branches and it offers all the services you would expect from one of the UK’s largest banks.

Why this has happened

The changes follow a ruling by the European Commission (EC) in 2009. The aim of the ruling was to increase competition and customer choice in the UK banking sector through the creation of a new bank. You can find more about the EC ruling at ec.europa.eu by searching for ‘Lloyds Banking Group’.

What this has meant for our customers

We have written to all our customers about the changes – both those that are now with TSB, and those that have remained with C&G.

If you have any questions, please contact us on 0800 917 0252.

How the branches and accounts were selected

The branches and accounts that are with TSB were chosen as a representative cross section of our business, to form a separate UK bank in line with the EU’s aim of increasing competition and customer choice.

TSB is a major UK bank, with nearly 5 million customers. It has over 8,000 expert and experienced staff dedicated to providing high quality products and services delivered in 631 branches, by telephone and online.

We are making the changes gradually, so both C&G and TSB customers can still use all branches for some time. We will put a notice in our branches to let you know when services for C&G customers in a TSB branch will no longer be available.

My account is with TSB – what does this mean for me?

If your accounts is with TSB you can continue to bank just as you do now.

Your account number and sort code haven’t changed and most of the services that were available to you before are available to you with TSB.

The changes to terms and conditions for savings accounts, which we wrote to you about, have now taken effect. See a copy of the leaflet for TSB accounts.

My account is with C&G – what does this mean for me?

If your account is with C&G, you don’t need to do anything. But there have been some changes to your savings account terms and conditions, which we wrote to you about. See a copy of the leaflet for C&G accounts.

Key Questions

If you have questions about the creation of TSB, you’ll find many of the answers in Key questions.

Key Information

It's easy to see the branches that will be TSB branches, with our branch checker.

If you would like to speak to someone about these changes, call us on 0800 917 0252, we'll be happy to help. Lines are open from 8:30am to 6pm Monday to Friday, and 8:30am to 1pm on Saturdays.