Because of the financial weakness of the Co-op, its deal to buy 600 branches from Lloyds fell apart. Now, in order to conform to an EU ruling, Lloyds has instead converted 600 of its branches into a new bank, TSB (reviving the name of a bank it took over years ago) which will later get its own separate listing on the stock market. TSB will inherit none of the toxic loans, misselling liabilities and other millstones still hanging around Lloyds’ neck. Account holders with the relevant TSB branches can choose to stay with Lloyds if they wish, while Lloyds account holders can also choose to move to TSB if they want.
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