Pester resigned as chief executive within months of the meltdown, following intense criticism from regulators and MPs. However, the lender’s reputation was tarnished after the botched launch of a new IT system in 2018 that left millions of customers locked out of their bank accounts for weeks. It eventually floated on the UK stock exchange in 2014, but was bought by Sabadell a year later, marking one of the biggest cross-border banking deals since the financial crisis.

Led by chief executive Paul Pester, the new TSB spanned 631 branches and boasted 8,500 staff. TSB returned as a standalone high street bank nearly 20 years after it was snapped up by Lloyds in 1995. Sainsbury’s Bank has also been approached by NatWest, while the Cooperative Bank has received a bid from US private equity fund Cerberus.Ī sale of TSB would mark the third major ownership change for the UK bank, which was hived off from Lloyds in 2013 as part of efforts to boost competition following its £20.3bn government bailout in 2008. It is the latest UK lender to be the subject of a possible sale. Septem4:54 pm (Updated Octo8:53 pm) Lloyds Banking Group is set to close a further 15 branches of Lloyds Bank as the business presses on with restructuring efforts. It has now been given a mandate to pursue a sale, according to Reuters, citing a source. Goldman Sachs was originally hired by Sabadell to explore various options for TSB back in July. “Sabadell will also analyse strategic alternatives for creating shareholder value with regard to the group’s international assets, including TSB,” the Spanish bank added. Sabadell said it was launching a new strategy that “will prioritise its Spanish domestic business”. The news emerged hours after Sabadell called off merger talks with its larger Spanish rival BBVA, after the two banks failed to agree on a price.

Will lloyds bank go bust