New Commercial Banking Director joins TSB

TSB launched back onto high streets across Britain in September 2013 with a mission to bring more competition to UK banking – to be a challenger to the big banks and to deliver the kind of banking the people of Britain want and deserve.

Since its launch, TSB has focused on breaking the stranglehold that the big five banks have had on the consumer banking market.  In 2018 TSB plans to broaden this focus to include helping more local businesses right across the UK to thrive.

Richard Davies has now joined the Bank as Commercial Banking Director – a newly created role within TSB’s Executive Team to spearhead the Bank’s ramp up in business banking.

TSB’s Commercial Banking Director, Richard Davies, says:  “It’s great to start the year on the ground at TSB as we get set to launch the future of local banking for businesses in 2018.  I’m looking forward to seeing us take on the business banking market in the same way that TSB has already challenged consumer banking. 

“Small businesses in the UK have been under-served, under-valued and over-charged for far too long.  It is absolutely critical that we address the stagnation of productivity in the UK – small business is right at the heart of that challenge.  There’s a real moment of opportunity to create something better for businesses in the UK with the next generation of business banking and TSB is going to be leading the charge.

“I’ve always been inspired by the capacity of small businesses to ride the economic waves, create jobs, and serve local communities.  We need to bring back “local” to business banking.  Local communities need local businesses, and TSB will play a big part in making that happen.  I’m looking forward to growing our commercial banking team at TSB to really deliver on that potential.”

TSB’s CEO, Paul Pester, says:  “We’re setting out to strengthen our support for local businesses that form the lifeblood of the UK economy – and bring much-needed competition to the business banking market from 2018.  I’m delighted to welcome Richard to TSB as our new Commercial Banking Director to make that happen.

“The combination of Richard’s entrepreneurial flair seen at OakNorth Bank, combined with his experience in leading commercial banking arms at HSBC and Barclays means he will be a real catalyst to develop TSB’s ambitions in this area.”

TSB’s new state-of-the-art banking platform will unlock even greater SME capability for TSB in 2018 and positions the Bank well to compete for one of the grants from the Capability and Innovation Fund recently announced by the UK Government and designed to boost competition in the business banking market.  The Bank will be submitting a bid for a Pool A grant.