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At a Glance


"Progressive, intellectually challenging and entrepreneurial culture"


Can be "siloed and political"

The Buzz

"Quite interesting"

"Great bank until it bought HBOS"

"British, flexible"

"Recent bailout has ruined rep"

About Lloyds Banking Group PLC (Europe)

Dropping the TSB

London-based Lloyds Banking Group operates through four main business units: retail, wholesale, insurance, and wealth and international. Its retail division caters to an estimated 30 million personal customers, operating through brand names such as Lloyds TSB, Halifax and Bank of Scotland. The wholesale unit mainly operates through Bank of Scotland in Scotland, and Lloyds TSB in England and Wales, while insurance does business mainly under Scottish Widows. Wealth and international has three main subdivisions: private banking, asset management and international banking; the unit operates under several brand names in more than 36 countries worldwide.

Formerly known as Lloyds TSB, Lloyds Banking Group rebranded in January 2009 after acquiring mortgage giant HBOS (Halifax Bank of Scotland). The previous incarnation of Lloyds was also created from a huge merger. In 1995, Lloyds Bank and TSB Group combined to form Lloyds TSB, then the second-biggest UK bank by market cap (after HSBC). Of course, Lloyds can trace its history much further back—it was established as the private bank of Taylors & Lloyds in Birmingham in 1765. Over the next 200 years, the bank grew through mergers and organic expansion to become one of the biggest banks in the UK.

The history of the savings bank movement (where the TSB came from) goes back to 1810 when the Revd Henry Duncan founded the world's first self-supporting savings bank in Ruthwell, Dumfriesshire. The savings banks remained local organisations until the 1970s when the banks amalgamated into regional institutions. TSB Group plc was formed in 1986 following flotation on the Stock Exchange.

In 1999, four years after Lloyds TSB was created, all TSB and Lloyds Bank branches in England and Wales were rebranded with the identity of the new entity (Lloyds TSB). A year later, the bank paid £7 billion pounds to acquire Scottish Widows, an Edinburgh-based mutual life-assurance company, further strengthening Lloyds TSB's grip in the UK market. Also in 2000, Lloyds TSB established its asset finance division after its £627 million pound purchase of Chartered Trust from Standard Chartered Bank.

Lloyds TSB sold its credit card business Goldfish to Morgan Stanley in 2005 for £1 billion pounds and sold its Abbey Life insurance business to German banking giant Deutsche Bank for a cash consideration of £977 million in 2007. Lloyds also made headway in the UK banking market when it became the first among its peers to offer Sharia-compliant business accounts.

In September 2008, only two days after the infamous fall of Lehman Brothers, it was revealed that Britain's Lloyds TSB was in takeover talks with HBOS plc; investors became weary of HBOS's funding capability after the Lehman collapse, sending the UK's largest mortgage lender's shares plunging. Two months later, the acquisition and participation in the UK government's recapitalisation scheme were both agreed upon by Lloyds Banking Group's shareholders (HBOS shareholders approved of the takeover a few weeks later). The acquisition was officially completed on 16 January 2009, at which point Lloyds TSB changed its name to Lloyds Banking Group.

Lloyds Banking Group PLC (Europe)

25 Gresham Street
London EC2V 7HN
Phone: +44 (0)20 7626 1500

Firm Stats

Employer Type: Public
Stock Symbol: LLOY
Stock Exchange: LSE
Chief Executive: Eric Daniels
2010 Employees (All Locations): 106,463

Major Office Locations

London, United Kingdom

Affiliated Companies