(Yes, I know I used to work for Lloyds TSB Scotland) It’s been breathtaking watching what has been happening over the last 24 hours with the Lloyds TSB and HBOS takeover, but watching the comments appear now and what the bank looks set to be called – most likely Lloyds HBOS judging by opinion to date – that means the Scottish institution that was the TSB, the old Trustee Savings Bank, is set to die off as there’s no room for it in the new name.
(for those thinking WTF – when Lloyds merged with the TSB, TSB was very much the Scottish side of the deal with there only being a few Lloyds banks around compared to the likes of the TSB.)
There’s a wiki on the old TSB and it’s sad to see such an institution finally be put to rest – especially in an age where it’s looking like the a bank dealing with the poor could be a boon (though I hear that financial advisors advise Nationwide as the bank for bankrupts to go to to set up accounts these days).
It’ll be interesting in years to come as new people move into the offices of senior staff at Lloyds TSB Scotland and look at the TSB posters on the wall (some seniors still have them on the walls) and wonder what that was all about.
Of course, how long before all that remains of other banks is just posters on the wall?
More on this one later as, names aside, there’s a few questions outstanding – for example, what role for the board of Lloyds TSB Scotland, which is a bank in its own right?
(and I think we can let the BBC’s Robert Preston call this one a financial scoop of the year.)
3 responses to “Lloyds TSB HBOS Takeover: What about the TSB?”
I never really understood why lloyds who had a good name added the tsb to the end which I understood to be very poor.
My betting is that they’ll drop the o and it’ll be lloydshbs – having the same length will mean changing the signs will be easier, and 2 of them are the same so can just swap the letters round!
Norm, in my opinion – and this isn’t based on anything I learned from my time there – I believe the TSB part was kept in to win over the Scots and accept the new bank because Lloyds didn’t have a large presence north of the border.
The same way in that there is a Lloyds TSB Scotland which is a very standalone bank. Lloyds TSB (UK) HQ is also listed as Glasgow, even though the proper HQ is Gresham Street, London.
I am dismayed that TSB name may be lost forever. Since 1816 there has been a TSB in some form or another. From local banks with the towns name to the TSB of England & Wales, Scotland and Northern Ireland to Lloyds TSB. Most of the customes Lloyds TSB have came from the TSB side of the deal. As this deal was a takeover, not a merger, the HBOS name should either go or be split apart. Halfax for the former building society and Bank of Scotland for the Scottish Bank. Royal Bank of Scotland didn’t change the name when they took over NatWest. Why should those of us that were forced to have the name Lloyds put in front of TSB now be force to see the TSB vanish forever. No, No, NO!!! If it happens, I for one will end my relationship with the bank. I have had a current account with TSB (in one form or another) since 1989. I still have my original 77- sort code and original account number, 6 digits and the current account identifier 6 and another number since then. And yes, I used to work for TSB, so have feeling about this. I am saddened enough by has happened to the bank since it jumped into bed with Lloyds, I dread to think what may be next.