By Poppy Trowbridge, Business and Economics Correspondent
The Trustee Savings Banks, or TSB, reopens on the high street as a stand-alone banking brand today for the first time since its 1995 merger with Lloyds Bank.
The Lloyds Banking Group must shed hundreds of branches under the revived brand name to meet competition rules set by the European Commission.
TSB will open 631 branches across England, Scotland and Wales with 4.6 million customers transferred from Lloyds in the process, making TSB the seventh largest bank in the UK.
The new bank's mission statement says: "TSB will be different from other banks in that it is purely focused on individuals, families and local businesses in the communities we serve across Britain."
Lloyds chief executive Antonio Horta-Osorio described the business as a "completely clean bank" untainted by the turbulence that has threatened to overwhelm the financial sector in recent years.
It is understood that the new TSB bank may seek to sell shares to the public in 2014 to become fully separate from the Lloyds Group.
Government bailouts of both Royal Bank of Scotland and Lloyds Banking Group, as well as, the merger of Lloyds with HboS led the European Commission to rule that RBS and Lloyds must dispose of a large numbers of their branches to redress any competitive advantage they would have as a result of their increased size.
Kevin Mountford, head of banking at MoneySuperMarket, said: "The creation of TSB, and other new banks such as Tesco Bank, Virgin Money, and Metro Bank help make the banking sector more competitive, which can only be good news for consumers as the big four banks still hold the vast majority of accounts."
He added: "This brand has scale and security that comes with being a big bank.
"I would hope that TSB will differentiate themselves from the Lloyds Banking Group in terms of product innovation, otherwise we may just see another big bank on the high street."
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