Flotation
In 1986, the shares of TSB Group plc were floated on the stock market in an initial public offering. The proceeds of the sale were retained by the TSB Group, adding to its ownership equity. The original holding company, Trustee Savings Banks (Holdings) Limited, also continues to be registered at Companies House.
The newly formed TSB Group's retail banking operations were consolidated into TSB England and Wales, TSB Scotland, TSB Northern Ireland and TSB Channel Islands, each trading as TSB Bank. In 1989, TSB England and Wales officially became TSB Bank, with TSB Bank Scotland and TSB Bank Northern Ireland becoming its subsidiary undertakings. The Northern Ireland business was sold to Allied Irish Banks in 1991 and now trades as First Trust Bank and the Channel Islands business was integrated into TSB Bank in 1992. TSB Group merged with Lloyds Bank in 1995; the deal resulted in existing Lloyds Bank shareholders owning around 70% of the merged entity and TSB Group shareholders owning the remaining 30%.
The TSB brand is due to be revived in late 2013 by the Co-operative Bank following its acquisition of approximately 600 bank branches and their customers from Lloyds Banking Group.
Read more about this topic: Trustee Savings Bank, History