The new TSB identity has been created by Rufus Leonard, which has worked with Lloyds TSB for more than a decade as its group development partner.
The 632 TSB branches – known as Project Verde branches – were originally going to be sold by Lloyds to the Co-operative, but the Co-op has now decided to pull out of the deal.
Instead, the rebranded branches will be sold through an initial public offering.
When the Co-op had been set to buy the branches, it was possible that they could have been rebranded again to be brought under the Co-operative brand. However, now that they are being sold through an IPO, it seems more likely that the TSB brand will be retained.
Lloyds Banking Group says, ‘Detailed plans are in place for a rebranding of the business as TSB, which will be visible on the high street during the summer of this year, at which point the TSB Bank (Verde) will operate as a separate business within Lloyds Banking Group.’
António Horta-Osório, chief executive of Lloyds Banking Group, says, ‘We are disappointed that the Co-operative Group is unable to complete this transaction. However, we are well advanced in our plans to bring the Verde business to the UK high street during the summer through the TSB bank.
‘The TSB bank will be an attractive retail and commercial bank that will have around 630 branches across the UK, a strong management team and will be a real challenger on the high street.’