Lloyds boss promises 'seamless' launch of TSB
Millions of customers who are being moved from Lloyds to a new TSB Bank are being promised a "seamless transition" by the banking group's boss.
Antonio Horta-Osorio, chief executive of Lloyds Banking Group, told the BBC's Business Editor Robert Peston that the only change they would notice would be a change of name.
Lloyds is moving the customers of 631 branches to the new brand.
"It's actually a very exciting project... I think this is unparalleled not only in the UK, but in Europe as well."
He said that this was a huge project for Lloyds Banking Group, costing between £1.3bn and £1.5bn before tax.
"It is quite painful" he continued, "Lloyds has 30-million customers as a whole, therefore to lose five-million customers is to lose around a sixth".
Mr Horta-Osorio stressed that TSB, which will be launched on Monday, was a "completely clean bank" having no legacy issues - such as a huge bill from PPI compensation - and had the same protection for savers as other High Street banks.
- BBC News