The company appointed its first commercial banking director this week as it seeks to move into the small and medium-sized enterprise (SME) market.
Today, after reporting a management pre-tax profit of £111m, up £3.3m on last year, finance chief Ralph Coates told City A.M. TSB is aiming to become a “meaningful player” in business banking.
And Coates believes the £835m RBS fund, agreed by the government as a way to satisfy state aid issues with the European Commission, can act as a springboard for TSB.
“We see it as a great opportunity. It could be significant for TSB,” he said. “We would like to think that TSB – what we’re doing, the foundations we’re laying – could be a meaningful player in this market.
“And we’d be looking to be at the front of the queue, to claim a large chunk of that potential fund. It all aids competition, which is what we’re about.”
Also in its results today, TSB said it had provided more than £4bn of new mortgage advances in the first half of the year, helping 25,000 homeowners.
Read more: TSB profits fall more than 50 per cent