London Stock Exchange Welcomes TSB Banking Group plc
London Stock Exchange today welcomed TSB Banking Group plc to the Main Market for listed securities. To mark this historic event Paul Pester, Chief Executive Officer, TSB Banking Group, opened trading at the London Stock Exchange in London this morning.
TSB’s business model is focused on delivering a straightforward and simple approach to banking. Every penny deposited by the Bank’s customers is used to support mortgages and loans for other TSB customers. This is what TSB means by local banking for Britain.
Created to bring more competition to the UK banking market, TSB has a clear plan to grow market share in the current account and mortgage markets. TSB has a strong and stable customer base of 4.5 million retail customers, a comprehensive retail banking product suite and multi-channel distribution network with a full digital capability, telephony centres, and 631 branches with strong coverage across Britain.
Paul Pester said:
"The journey to build TSB, with the aim of bringing more competition to UK banking and better banking for UK consumers, has brought us a long way. In the first four years of our journey we’ve moved from a "blue print" for the bank, through the build and to the launch of TSB Bank on Britain’s high streets in September last year.
"Today is another great milestone for us as shares in TSB Banking Group are admitted to trading on the London Stock Exchange. Today is also the day when each of TSB’s employees receives shares in TSB Banking Group, making all of our people true Partners in the business."
Citigroup, J.P. Morgan Cazenove and UBS Investment Bank were appointed Joint Bookrunners. Joint Lead Managers included Investec Bank plc, Numis Securities and RBC Capital Markets.