TSB Banking Group plc comments following the announcement by the FTSE Group (FTSE) made today that TSB is included as a constituent of the FTSE 250 Index.
Paul Pester, Chief Executive Officer, TSB Banking Group plc, 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."
Created to bring more competition to the UK banking market, TSB plans to invest approximately £250 million over the next five years in the delivery of the Bank's strategic objectives. This includes increasing its UK bank account and mortgage market share, responsibly lending more to people and small businesses, and focusing on excellent customer service by developing its online and mobile banking technology, building on its branch network and offering new products.
TSB's business model is focused on delivering a straightforward and simple approach to banking.
All changes from this review take effect after the close of business on Friday 19 September.
Notes to editors
TSB Bank plc was admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market on 25 June 2014.
The constituents of the FTSE UK index series, comprising the FTSE 100, FTSE 250 and FTSE SmallCap are reviewed quarterly by FTSE's Europe, Middle East and Africa Committee. The reviews take place to ensure that each index remains an accurate and up-to-date reflection of the market it measures.
For further information about TSB Bank plc, please visit our website www.tsb.co.uk.