Business

TSB boss Paul Pester says he wants to 'take on the big guys'

TSB sign Image copyright TSB

TSB would consider buying some of the UK's smaller banks, its boss has told the BBC.

Speaking to Radio 5 live, Paul Pester said he wanted to make TSB strong enough "to take on the big guys" and "break the stranglehold in the market".

The bank, spun off from Lloyds last June, has agreed to a £1.7bn takeover by Spain's Sabadell.

On Wednesday, it said first-quarter profits had more than doubled from the previous three months to £34.2m.

Mr Pester told the BBC's Wake Up to Money programme: "We believe we're Britain's biggest challenger bank but we really want to take on the big guys. If that means rolling up some of the smaller banks we would consider doing that."

He also said the whole industry needed to rebuild customers' trust.

"I would be amazed if people trust our banks," he said.

"In the banking crisis banks lost connection with their purpose, they lost connection with the role they play in the wider community and societies that they serve."

TSB has 8,600 staff and 631 branches. It is expected to continue to operate under the TSB brand name once the Sabadell takeover is complete.

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