LLOYDS BANKING GROUP: Lloyds and TSB to part ways

The British banking giant Lloyds TSB is to split into two separate banks, according to a letter sent to their UK-based customers this month. The Lloyds Banking Group, which owns Lloyds TSB, Halifax, and the Bank of Scotland, has announced that it is in the early stages of preparing part of its business to eventually be spun off as an entirely independent high street bank to be known as TSB. The move is in response to European Union legislation aimed at encouraging more competition in the UK’s banking sector, which has been rocked by the financial crisis and reports of … Continue reading LLOYDS BANKING GROUP: Lloyds and TSB to part ways