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TSB Group joins FTSE 250

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  • 04/09/2014
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TSB Group joins FTSE 250
After its Stock Market flotation in June, TSB Banking Group has joined the FTSE 250 Index and set out plans to boost mortgage market share.

Paul Pester, chief executive officer, TSB Banking Group, said: “We have made a strong start to life as an independent listed business and today marks yet another milestone for TSB as we enter the FTSE 250 Index.

“A significant achievement for us this year was our successful IPO on the London Stock Exchange. Strong demand for our shares and a stable aftermarket, driven by an appetite for and confidence in our sort of banking and in our growth strategy, made the flotation a success.”

TSB, which set its stall out as ‘Britain’s local bank’, confirmed plans to invest approximately £250m over the next five years to increase its mortgage lending, UK bank account market share and online and branch offerings.

The bank has already offered a Stamp duty incentive on its direct mortgages and in August confirmed a Council Tax payment incentive for applicants.

In February, TSB announced the appointment of Roland McCormack to head up its intermediary division as it prepares to launch into the broker market later this year.

He has previously worked in the intermediary space with both Bank of Ireland and Bristol & West Mortgages.

In the build-up to flotation, TSB Lloyds Banking Group increased the amount of shares on offer as part of the TSB following stronger than expected demand.

 

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