Centrica Unveils Plans for Internet and Telephone Bank in Joint Venture with Lloyds TSB

Centrica, the parent company of British Gas and AA road services, has announced plans to launch a new internet and telephone bank in a joint venture with Lloyds TSB. The new bank, operating under the Goldfish name, will offer a full range of banking services, including current and savings accounts, mortgages, life assurance, and general insurance. Centrica will hold 70% of the joint venture, with Lloyds TSB owning the remaining 30%. The bank is expected to launch in April 2003 and aims to break even by the same year.

Key Takeaways:

• The joint venture between Centrica and Lloyds TSB will operate under the Goldfish name and offer a comprehensive range of banking services, including mortgages, life assurance, and general insurance.
• Centrica will own 70% of the joint venture, with Lloyds TSB holding the remaining 30%.
• The bank plans to capture 2 million customers by 2005, including 1 million existing Goldfish credit card holders who will transfer to the new bank.
• The head of the new bank will be Peter Barrett, currently managing director of Goldfish Financial Services.
• Centrica has consent under data protection law to market the new bank to 9 million of its gas customers.
• The joint venture aims to break even in 2003.

Statistics:

• Centrica will own 70% of the joint venture, with Lloyds TSB owning 30%.
• The bank plans to capture 2 million customers by 2005.
• 1 million existing Goldfish credit card holders will transfer to the new bank.
• Centrica has 18 million British Gas customers and 11 million AA customers.
• The new bank will offer services to 9 million gas customers under consent from law.

Sources:

• "Centrica unveil plans for internet bank", The Guardian, no date provided.
• "Lloyds TSB to launch internet banking service", The Times, no date provided.