is about the current tsb bank . for the former see trustee savings bank . for other uses see tsb . tsb bank plc type public limited company industry banking financial services predecessor lloyds tsb cheltenham & gloucester founded 9 september 2013 headquarters henry duncan house 120 george street edinburgh scotland number of locations 631 branches 5 operations centres 2 telephone centres key people will samuel chairman paul pester chief executive products retail banking commercial banking general insurance life insurance revenue 900.2 million 2014 1 operating income 267.8 million 2014 1 net income 134.5 million 2014 1 number of employees 8 500 parent sabadell group website www.tsb.co.uk tsb bank plc is a retail and commercial bank in the united kingdom which is a subsidiary of the sabadell group . 2 tsb bank operates a nationwide network of 631 branches across england scotland and wales . tsb launched on 9 september 2013 with more than 4.6 million customers and over 20 billion of loans and customer deposits and is headquartered in edinburgh . the bank was formed from a number of lloyds tsb branches in england and wales all branches of cheltenham & gloucester and the business of lloyds tsb scotland . these were transferred to the existing lloyds tsb scotland plc 3 which was renamed tsb bank plc. the divestment of tsb from lloyds banking group was necessary due to a european commission ruling that the british government s purchase of a 43.4 % stake in the group in 2009 counted as state aid . the ruling required that the group sell a portion of its business . the reestablished tsb was listed on the london stock exchange following an initial public offering in june 2014 4 and was a constituent of the ftse 250 index . tsb accepted a takeover offer from the spanish bank sabadell in march 2015 which was completed on 8 july 2015 . 2 tsb made its debut in the british bank awards 2016 coming in 7th out of 12 . 5 contents 1 history 1.1 trustee savings bank 1.2 project verde 1.3 agreement with co operative banking group 1.4 initial public offering 1.5 acquisition by sabadell group 1.6 whistletree mortgages 2 corporate affairs 2.1 identity 2.2 leadership team 2.3 locations 3 services 4 notes 5 references 6 external links history edit trustee savings bank edit main article trustee savings bank the tsb name was previously used by the trustee savings bank prior to its merger with lloyds bank in 1995 6 resulting in the formation of lloyds tsb in 1999 . the merger was structured as a reverse takeover by tsb ; lloyds bank was delisted from the london stock exchange and tsb group was renamed lloyds tsb group in 1995 with former lloyds bank shareholders owning a 70 % equity interest in the share capital effected through a scheme of arrangement . the new bank commenced trading in 1999 after the statutory process of integration was completed . 7 the original tsb bank transferred engagements to lloyds bank which then changed its name to lloyds tsb bank ; at the same time tsb bank scotland absorbed lloyds three scottish branches becoming lloyds tsb scotland . in 1986 the legal entity trustee savings bank was renamed tsb scotland and in 1989 tsb bank scotland before becoming lloyds tsb scotland in 1999 . 8 this company was re registered under the name tsb bank in 2013 . 9 the parent tsb banking group was registered in england in 2014 and later that year tsb bank ceased to be part of the lloyds banking group . 10 project verde edit tsb newcastle city centre a former lloyds tsb branch lloyds tsb group bought hbos in january 2009 and renamed itself lloyds banking group . 11 in 2009 following the uk bank rescue package hm government took a 43.4 % stake in lloyds banking group since reduced to below 10 % 12 which later announced that it would sell a standalone retail banking business of 632 branches and most accounts held at those branches in order to comply with european commission state aid requirements . 13 codenamed verde the group s divestment plan identified 632 branches which were transferred to a new business . customers with accounts held by the branches and staff employed within them were also transferred . a number of lloyds tsb branches in england and wales together with all branches of lloyds tsb scotland and cheltenham & gloucester were brought together to form the new business which operates under the tsb brand . 3 the remainder of the lloyds tsb business was rebranded back to the lloyds bank name . 14 agreement with co operative banking group edit lloyds banking group reached a heads of terms agreement in july 2012 to sell the verde branches to the co operative bank for 750 million . 15 16 the final transfer of tsb bank to the new owner was planned to be completed by late 2013 . in february 2013 it was reported that lloyds banking group was considering a stock market flotation of the tsb business as an alternative should the transfer not be completed and they would make a final decision by the end of july . the co operative banking group blamed current economic conditions for delays in completing the deal and had sold its life insurance assets for 200 million in an effort to secure 1 billion needed to complete the deal . 17 18 in april 2013 the co operative group announced that it would not proceed with the transaction citing the economic environment and increasing regulatory requirements in the financial sector . 19 initial public offering edit tsb bank plc began operating as a separate business within lloyds banking group on 9 september 2013 20 with the intention of selling it off through an initial public offering . 21 lloyds banking group announced that 25 % of tsb s shares would be floated on 24 june 2014 22 but with the offer being ten times oversubscribed 38.5 % of shares in tsb banking group plc were sold at 260p on 20 june . 23 unconditional trading in the shares started on 25 june 2014 . a further 11.5 % of tsb banking group shares were sold by lloyds banking group in september 2014 bringing its share holding down to 50 % . 24 according to lloyds chief executive ant nio horta os rio the separation cost 1bn more to perform than the new bank is worth . 25 acquisition by sabadell group edit on 12 march 2015 tsb confirmed a takeover bid by the spanish banking group sabadell for 1.7 billion less than a year after it rejoined the stock market through lloyds banking group s sale of 50 % of its holding . 26 tsb agreed to the takeover on 20 march 2015 27 which was completed on 8 july 2015 . 28 in october 2015 sabadell group outlined its plans for tsb to continue as a competitor in the uk banking sector by further expanding into the small business banking market and introducing cardless emergency cash and mobile payment systems . 29 tsb s online banking services which currently use the lloyd s banking group platform will be migrated to a uk based replica of sabadell s proteo platform by the end of 2017 . sabadell also confirmed that the tsb name would be retained as the group felt it was a very powerful brand with traction in the uk unlike the parent brand which is virtually unknown by the british public . 30 whistletree mortgages edit in november 2015 tsb agreed to acquire 3.3 billion in mortgages assets from the nationalised nram plc the bad bank formed from the former northern rock . 31 the acquisition was completed in july 2016 resulting in tsb establishing whistletree to administer these mortgages . 32 whistletree operates as a distinct trading division of tsb bank plc and is served by a standalone website and separate contact centre with tsb branch staff having no access to these accounts . 33 corporate affairs edit identity edit tsb s logo is similar to the logo of the former trustee savings bank and consists of three interlocking circles in varying shades of blue bearing the name of the bank . since its launch in 2013 tsb has used the slogan local banking for britain rather than the bank that likes to say yes slogan used by the former trustee savings bank . tsb s launch advertising campaign featured a short film about the banks founder henry duncan and was voiced by patrick stewart . 34 leadership team edit as of october 2015 the leadership team of tsb is composed of 35 chairman will samuel chief executive officer paul pester chief finance officer darren pope chief risk officer neeta aktar chief operating officer helen rose chief marketing officer nigel gilbert general counsel and company secretary susan crichton treasurer ian firth locations edit on its formation in september 2013 tsb bank plc had 631 branches of which 36 282 were former lloyds tsb branches in england and wales 164 were former cheltenham & gloucester branches 185 were former lloyds tsb scotland branches 37 administration centres in edinburgh bristol gloucester birmingham and london 38 telephony centres in sunderland and swansea services edit a branch of tsb formerly cheltenham & gloucester on the high street in shrewsbury the bank offers a full range of personal and business banking and financial services including current accounts mortgages credit products insurance and savings products . tsb bank is authorised by the prudential regulation authority and regulated by both the financial conduct authority and the prudential regulation authority . 39 it is a member of the financial ombudsman service and the financial services compensation scheme and subscribes to the lending code . 40 the bank uses the following series of sorting codes range note 30 to 39 former lloyds tsb branches in turn pre merger lloyds bank branches in england & wales ; former c & g savings codes used until early 2014 note 1 77 00 to 77 44 77 46 to 77 99 former lloyds tsb branches in turn pre merger tsb branches in england & wales ; former c & g branches in england & wales allocated new sort codes in 2014 note 1 87 former lloyds tsb scotland branches ; former c & g branches in scotland allocated new sort codes in 2014 note 1 notes edit a b c c & g branches used sort codes in the 30 55 to 30 61 range until becoming tsb in september 2013 and continued using them as tsb branches until early 2014 when each was upgraded to offer the full range of tsb products and services and given a new 77 or 87 sort code . references edit a b c preliminary results 2014 pdf . tsb banking group . retrieved 3 april 2015 . a b banco sabadell acquires 100 % of tsb shares banco sabadell . bancsabadell.com . retrieved 17 july 2015 . a b emma simon 26 november 2012 . millions of lloyds customers told banking details to change . daily telegraph . retrieved 16 march 2013 . tsb shares jump on trading debut and lift prospects for future lloyds sell off . the guardian . 20 june 2014 . retrieved 20 june 2014 . british bank awards 2016 . talk retail . retrieved may 25 2016 . batiz lazo bernardo . a case study on the strategy and stock market performance of lloyds bank 1980 1993 . open university business school . retrieved 4 october 2016 . lloyds tsb act 1998 cap . 5 . also in 1986 the legal entity central trustee savings bank was renamed tsb england and wales becoming tsb bank in 1989 . this company which has been dormant since 1999 was re registered under the name lloyds gresham ltd. in 2013 . registered in scotland no . sc095237 .