THE flotation of TSB is another step in the right direction for the The smooth running of the initial public offering is in stark contrast to the shambolic end to the collapsed Project Verde sale to
Thankfully there appears to have been no repeat of the latter with TSB.
A challenger bank with a reasonably sized and located retail estate, 4.5 million customers and a freedom from the legacy issues that have affected the sector would appear to have solid foundations on which to build.
Yet whether TSB can really challenge the dominant market position of RBS, Lloyds,
So TSB will have to offer something compelling to stand out from the crowd. Another factor to consider is that the majority of consumers have little appetite to switch banks, even after the excesses that have come to light in recent years.
While regulatory change has made current account changing easier, it is unlikely to remain high up the "to do" list of most people unless they have had a particularly bad experience with their current provider. Perhaps the real benefit to consumers will be in Lloyds further selling down its TSB stake and moving closer to fully emerging from out of the clutches of the
Were Lloyds to get that monkey off its back it would show the bank is moving into the recovery on the front foot. The investment Lloyds has made in its Scottish branches in the past 18 months, along with a commitment to retaining the last bank in town, suggests it still sees a future in the customer service tradition that, once upon a time, made Bank of
Sadly, the chances of a fairytale ending for RBS appear quite distant. There is little sign the
THE flotation of TSB is another step in the right direction for the
The smooth running of the initial public offering is in stark contrast to the shambolic end to the collapsed Project Verde sale to