Lloyds Bank
Encyclopedia
Lloyds Bank Plc was a British
retail bank which operated in England and Wales
(and to a much lesser extent Scotland
) from 1765 until its merger into Lloyds TSB
in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies. In 2009, following the acquisition of HBOS
, Lloyds TSB Group was renamed Lloyds Banking Group
and in 2010 it was announced that the Group's principal subsidiary, Lloyds TSB Bank, will transition to the Lloyds Bank name by 2013.
II set up a private banking business in Dale End, Birmingham
. The first branch office opened in Oldbury
, some six miles (10 km) west of Birmingham, in 1864. The symbol adopted by Taylors and Lloyds was the beehive, representing industry and hard work. The black horse device dates from 1677 when Humphrey Stokes adopted it as sign for his shop. Stokes was a goldsmith and "keeper of the running cashes," an early term for banker. When the bank took over the site in 1884, it retained the black horse as its symbol.
This private bank converted into a joint-stock company known as Lloyds Banking Company Ltd. in 1865. Two sons of the original partners followed in their footsteps by establishing a bank—Barnetts, Hoares, Hanbury and Lloyd—in Lombard Street, London. Eventually, this became absorbed into the original Lloyds Banking Company, which became Lloyds, Barnetts and Bosenquets Bank Ltd. in 1884 and finally Lloyds Bank Limited in 1889. There is no connection in origin between Lloyds Bank (no apostrophe) and Lloyd's of London
, Lloyd's Register
or Lloyd's List
(which were spawned by Lloyd's Coffee House
).
in 1900, the Wilts. and Dorset Bank in 1914 and the Capital and Counties Bank in 1918, Lloyds emerged to become one of the big four
clearing banks in the United Kingdom
. By 1923, Lloyds Bank had made some 50 takeovers, one of which was the last private firm to issue its own banknotes—Fox, Fowler and Company
of Wellington, Somerset. Today, the Bank of England
has a monopoly of banknote issue in England and Wales.
In 1968, a failed attempt at merger with Barclays Bank and Martins Bank
was deemed to be against the public interest by the Monopolies and Mergers Commission. Barclays finally acquired Martins the following year. In 1972, Lloyds Bank was a founder member of the Joint Credit Card Company (with National Westminster Bank
, Midland Bank
and the Royal Bank of Scotland
) which launched the Access
credit card
(now MasterCard
) and in the same year it introduced Cashpoint, the first online cash machine to use plastic cards with a magnetic stripe. In popular use, the Cashpoint trademark
has become the generic term for an ATM
in the United Kingdom
.
In 1986, the Bank made a hostile takeover bid for Standard Chartered Plc. The bid was defeated, however, it spurred Standard Chartered into a period of change, including a series of divestments notably in the United States and South Africa
. In 1988, the Bank merged five of its businesses with the Abbey Life Insurance Company
to create Lloyds Abbey Life.
In 1995, the demutualised Cheltenham and Gloucester Building Society joined the Lloyds Bank Group, giving it a large stake in the UK mortgage
lending market.
(TSB Group) to form Lloyds TSB Group Plc
, at that point the largest bank in the UK by market share and the second-largest to Midland (now HSBC) Bank by market capitalisation. The TSB had been founded by the Revd. Henry Duncan of Ruthwell
, Dumfriesshire
in 1810, but only incorporated under the Companies Act
in 1985. Lloyds' three Scottish branches were absorbed into TSB Scotland, as Lloyds TSB Scotland, a separate subsidiary to Lloyds TSB Bank in England and Wales. TSB Northern Ireland
had already been sold to Allied Irish Banks
in 1991, becoming First Trust Bank
. While First Trust Bank inherited the right of AIB to issue its own banknotes, savings banks never had this right in either Northern Ireland or Scotland. Lloyds Abbey Life became a wholly owned subsidiary of Lloyds TSB Group in 1996 and was closed to new business in 2000.
to the United States of America.
) when Lloyds Bank acquired Armstrong and Co., based in Paris
and Le Havre
. From 1917 it was run jointly as Lloyds and National Provincial Bank
. In 1955, Lloyds Bank bought full ownership and it became Lloyds Bank (Foreign) and later Lloyds Bank Europe.
. The Bank of London and Montreal
was a joint venture between the Bank of London and South America and the Bank of Montreal
. In 1971, Lloyds Bank bought the controlling interest in BOLSA and merged it with Lloyds Bank Europe to form Lloyds and Bolsa International Bank. This became Lloyds Bank International in 1974 and was merged into Lloyds Bank in 1986.
was founded in London as an overseas bank and shared many directors with Lloyds Bank. In 1919, Lloyds Bank acquired a small interest in the National Bank and in 1966, purchased it outright. In 1978, the National Bank moved its head office from London to Wellington
.
An already commanding presence as the National Bank of New Zealand was further strengthened in 1994 by the takeover of the Rural Bank, the former New Zealand government owned bank, from Fletcher Challenge
, making it the leading provider of agricultural finance in the country.
In 2003, Lloyds TSB sold the National Bank to the Australia and New Zealand Banking Group.
in exchange for a 25 per cent share in National and Grindlays Bank (renamed Grindlays Bank in 1975). The bank retained its interest in Grindlays until 1984, when it was sold to the Australia and New Zealand Banking Group.
was formed in 1986, when the bank purchased the Continental Bank of Canada
. In 1990, after several years of losses, Lloyds Bank sold its Canadian operations to the Hongkong Bank of Canada
, a subsidiary of HSBC
Holdings Plc.
, Lloyds TSB Group was renamed Lloyds Banking Group
. In 2009, following the liquidity crisis
, HM Government took a 43.4% stake in Lloyds Banking Group and it was subsequently announced that a standalone retail banking business of 600 branches, including the TSB brand, would be divested by the Group to comply with European Union
state aid requirements. As a consequence, Lloyds TSB Bank will be rebranded as Lloyds Bank by the end of 2013.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
retail bank which operated in England and Wales
England and Wales
England and Wales is a jurisdiction within the United Kingdom. It consists of England and Wales, two of the four countries of the United Kingdom...
(and to a much lesser extent Scotland
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
) from 1765 until its merger into Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies. In 2009, following the acquisition of HBOS
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
, Lloyds TSB Group was renamed Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
and in 2010 it was announced that the Group's principal subsidiary, Lloyds TSB Bank, will transition to the Lloyds Bank name by 2013.
Origins
The origins of Lloyds Bank date from 1765, when button maker John Taylor and iron producer and dealer Sampson LloydSampson Lloyd
There are three generations of Sampson Lloyd in the Lloyd family of Birmingham, England. The second co-founded Lloyds Bank.Sampson Lloyd I and Mary , Quakers of Welsh origin, moved from their Leominster, Herefordshire farm in 1698 to Edgbaston Street in Birmingham.After the death of Sampson I in...
II set up a private banking business in Dale End, Birmingham
Birmingham
Birmingham is a city and metropolitan borough in the West Midlands of England. It is the most populous British city outside the capital London, with a population of 1,036,900 , and lies at the heart of the West Midlands conurbation, the second most populous urban area in the United Kingdom with a...
. The first branch office opened in Oldbury
Oldbury, West Midlands
Oldbury is a town in the West Midlands in England. It is a part of the Black Country and the administrative centre of the borough of Sandwell.-Local government:...
, some six miles (10 km) west of Birmingham, in 1864. The symbol adopted by Taylors and Lloyds was the beehive, representing industry and hard work. The black horse device dates from 1677 when Humphrey Stokes adopted it as sign for his shop. Stokes was a goldsmith and "keeper of the running cashes," an early term for banker. When the bank took over the site in 1884, it retained the black horse as its symbol.
This private bank converted into a joint-stock company known as Lloyds Banking Company Ltd. in 1865. Two sons of the original partners followed in their footsteps by establishing a bank—Barnetts, Hoares, Hanbury and Lloyd—in Lombard Street, London. Eventually, this became absorbed into the original Lloyds Banking Company, which became Lloyds, Barnetts and Bosenquets Bank Ltd. in 1884 and finally Lloyds Bank Limited in 1889. There is no connection in origin between Lloyds Bank (no apostrophe) and Lloyd's of London
Lloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
, Lloyd's Register
Lloyd's Register
The Lloyd's Register Group is a maritime classification society and independent risk management organisation providing risk assessment and mitigation services and management systems certification. Historically, as Lloyd's Register of Shipping, it was a specifically maritime organisation...
or Lloyd's List
Lloyd's List
Lloyd's List is one of the world's oldest continuously-running journals, having provided weekly shipping news in London as early as 1734. Now published daily, a recent issue was numbered 59,200...
(which were spawned by Lloyd's Coffee House
Lloyd's Coffee House
thumb|Lloyd's Coffee HouseLloyd's Coffee House was a coffee house opened by Edward Lloyd around 1688 in Tower Street, London. This establishment was a popular place for sailors, merchants, and ship owners, and Lloyd catered to them with reliable shipping news. The shipping industry community...
).
Expansion
Through a series of mergers, including Cunliffe, BrooksCunliffe, Brooks
Cunliffe, Brooks and Co. was a bank founded in Blackburn, Lancashire, England in 1792. In 1819, Samuel Brooks, son of one of the founders, opened a branch of the bank in Manchester. In the 1820s, a second generation Cunliffe opened a London house, at 29 Lombard Street...
in 1900, the Wilts. and Dorset Bank in 1914 and the Capital and Counties Bank in 1918, Lloyds emerged to become one of the big four
Big Four (banks)
Big Four is the colloquial name for the four main banks in several countries, where the banking industry is dominated by just four institutions and where the phrase has gained currency.-Australia:...
clearing banks in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. By 1923, Lloyds Bank had made some 50 takeovers, one of which was the last private firm to issue its own banknotes—Fox, Fowler and Company
Fox, Fowler and Company
Fox, Fowler, and Company was a British private bank, based in Wellington, Somerset. The company was founded in 1787 as a supplementary business to the main activities of the Fox family, sheep-herding and wool-making.-Banknote issue:...
of Wellington, Somerset. Today, the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
has a monopoly of banknote issue in England and Wales.
In 1968, a failed attempt at merger with Barclays Bank and Martins Bank
Martins Bank
Martins Bank Limited was a Liverpool-based British finanical services company that was taken over by Barclays Bank in 1969. The company has its origins in the 16th century and was said to have been founded by Sir Thomas Gresham, who began trading in Lombard Street under the sign of a grasshopper...
was deemed to be against the public interest by the Monopolies and Mergers Commission. Barclays finally acquired Martins the following year. In 1972, Lloyds Bank was a founder member of the Joint Credit Card Company (with National Westminster Bank
National Westminster Bank
National Westminster Bank Plc, commonly known as NatWest, is the largest retail and commercial bank in the United Kingdom and has been part of The Royal Bank of Scotland Group Plc since 2000. The Royal Bank of Scotland Group is ranked as the second largest bank in the world by assets...
, Midland Bank
Midland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
and the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
) which launched the Access
Access (credit card)
Access was a credit card brand originally introduced in the United Kingdom in 1972 by a consortium of National Westminster Bank, Midland Bank , Lloyds Bank , and The Royal Bank of Scotland, as a rival to the established Barclaycard...
credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
(now MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
) and in the same year it introduced Cashpoint, the first online cash machine to use plastic cards with a magnetic stripe. In popular use, the Cashpoint trademark
Trademark
A trademark, trade mark, or trade-mark is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify that the products or services to consumers with which the trademark appears originate from a unique source, and to distinguish its products or...
has become the generic term for an ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
In 1986, the Bank made a hostile takeover bid for Standard Chartered Plc. The bid was defeated, however, it spurred Standard Chartered into a period of change, including a series of divestments notably in the United States and South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. In 1988, the Bank merged five of its businesses with the Abbey Life Insurance Company
Abbey Life
Abbey Life plc was a leading life assurance business based in London also with an office in Bournemouth. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index.-History:...
to create Lloyds Abbey Life.
In 1995, the demutualised Cheltenham and Gloucester Building Society joined the Lloyds Bank Group, giving it a large stake in the UK mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
lending market.
Trustee Savings Bank
Later in 1995, Lloyds Bank announced its merger with the Trustee Savings BankTrustee Savings Bank
The Trustee Savings Bank was a British financial institution which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market and, unlike mutually held building societies, depositors had no voting rights nor the ability to direct the financial and...
(TSB Group) to form Lloyds TSB Group Plc
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
, at that point the largest bank in the UK by market share and the second-largest to Midland (now HSBC) Bank by market capitalisation. The TSB had been founded by the Revd. Henry Duncan of Ruthwell
Ruthwell
Ruthwell is a village and parish on the Solway Firth between Dumfries and Annan in Dumfries and Galloway, Scotland.Ruthwell's most famous inhabitant was the Rev. Dr. Henry Duncan. He was a minister, author, antiquarian, geologist, publisher, philanthropist, artist and businessman.In 1810, Dr...
, Dumfriesshire
Dumfriesshire
Dumfriesshire or the County of Dumfries is a registration county of Scotland. The lieutenancy area of Dumfries has similar boundaries.Until 1975 it was a county. Its county town was Dumfries...
in 1810, but only incorporated under the Companies Act
Companies Act 1985
The Companies Act 1985 is an Act of the Parliament of the United Kingdom of Great Britain and Northern Ireland, enacted in 1985, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries.The Act was a consolidation of...
in 1985. Lloyds' three Scottish branches were absorbed into TSB Scotland, as Lloyds TSB Scotland, a separate subsidiary to Lloyds TSB Bank in England and Wales. TSB Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
had already been sold to Allied Irish Banks
Allied Irish Banks
Allied Irish Banks p.l.c. is a major commercial bank based in Ireland.AIB is one of the so called "big four" commercial banks in the state. The bank has one of the largest branch networks in Ireland; only Bank of Ireland fully rivals it. AIB offers a full range of personal and corporate banking...
in 1991, becoming First Trust Bank
First Trust Bank
First Trust Bank, part of the AIB Group, is a commercial bank in Northern Ireland. The bank was created in 1991 when TSB Northern Ireland merged with the AIB Group's other interests. The bank can trace its existence back to 1816 with the founding of the Belfast Savings Bank...
. While First Trust Bank inherited the right of AIB to issue its own banknotes, savings banks never had this right in either Northern Ireland or Scotland. Lloyds Abbey Life became a wholly owned subsidiary of Lloyds TSB Group in 1996 and was closed to new business in 2000.
Overseas operations
By the early 1990s, Lloyds Bank had offices in 30 countries, from ArgentinaArgentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
to the United States of America.
Europe
1911 saw the formation of Lloyds Bank (FranceFrance
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
) when Lloyds Bank acquired Armstrong and Co., based in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
and Le Havre
Le Havre
Le Havre is a city in the Seine-Maritime department of the Haute-Normandie region in France. It is situated in north-western France, on the right bank of the mouth of the river Seine on the English Channel. Le Havre is the most populous commune in the Haute-Normandie region, although the total...
. From 1917 it was run jointly as Lloyds and National Provincial Bank
National Provincial Bank
National Provincial Bank was a British retail bank which operated in England and Wales from 1833 until its merger into the National Westminster Bank in 1970; it remains a registered company but is dormant...
. In 1955, Lloyds Bank bought full ownership and it became Lloyds Bank (Foreign) and later Lloyds Bank Europe.
Bank of London and South America
A strong connection with South America began in 1918 with the acquisition of the London and River Plate Bank. The later merger with the London and Brazilian Bank resulted in the Bank of London and South AmericaBank of London and South America
The Bank of London and South America or BOLSA was a British bank which operated in South America between 1923 and 1986.- Origins :The bank was incorporated in England on 27 September 1862 as the London, Buenos Ayres, and River Plate Bank, originally to operate in Buenos Aires...
. The Bank of London and Montreal
Bank of London and Montreal
The Bank of London and Montreal was a joint venture between Bank of London and South America , an affiliate of Lloyds Bank, and Bank of Montreal...
was a joint venture between the Bank of London and South America and the Bank of Montreal
Bank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
. In 1971, Lloyds Bank bought the controlling interest in BOLSA and merged it with Lloyds Bank Europe to form Lloyds and Bolsa International Bank. This became Lloyds Bank International in 1974 and was merged into Lloyds Bank in 1986.
National Bank of New Zealand
In 1872, the National Bank of New ZealandNational Bank of New Zealand
The National Bank of New Zealand often referred to as The National Bank is one of New Zealand's largest banks. Throughout much of its history, the National Bank has provided banking services to mainly rural, personal, and small business customers. Its owner is ANZ National Bank Limited, the New...
was founded in London as an overseas bank and shared many directors with Lloyds Bank. In 1919, Lloyds Bank acquired a small interest in the National Bank and in 1966, purchased it outright. In 1978, the National Bank moved its head office from London to Wellington
Wellington
Wellington is the capital city and third most populous urban area of New Zealand, although it is likely to have surpassed Christchurch due to the exodus following the Canterbury Earthquake. It is at the southwestern tip of the North Island, between Cook Strait and the Rimutaka Range...
.
An already commanding presence as the National Bank of New Zealand was further strengthened in 1994 by the takeover of the Rural Bank, the former New Zealand government owned bank, from Fletcher Challenge
Fletcher Challenge
Fletcher Challenge is a now defunct multinational corporation from New Zealand, formed in 1981 by the merger of Fletcher Holdings, Challenge Corporation and Tasman Pulp and Paper...
, making it the leading provider of agricultural finance in the country.
In 2003, Lloyds TSB sold the National Bank to the Australia and New Zealand Banking Group.
Asia
In 1961, Lloyds Bank transferred its Eastern Division to National and Grindlays BankGrindlays Bank
The Grindlays Bank was a major British overseas bank established in 1828.It operated mainly in British colonies, especially British India. After decolonization, it was a major foreign bank in India, Pakistan and other West Asian countries. As ANZ Grindlays Bank, it was for a while the largest...
in exchange for a 25 per cent share in National and Grindlays Bank (renamed Grindlays Bank in 1975). The bank retained its interest in Grindlays until 1984, when it was sold to the Australia and New Zealand Banking Group.
North America
Lloyds Bank of CanadaLloyds Bank of Canada
Lloyds Bank of Canada was formed in 1986 when Lloyds Bank Plc of the United Kingdom purchased the Continental Bank of Canada. This bank had been formed earlier in the 1980s when IAC, a financing company, decided to expand the scope of operations....
was formed in 1986, when the bank purchased the Continental Bank of Canada
Continental Bank of Canada
The Continental Bank of Canada was a chartered bank formed in Canada when IAC, a financing company, decided to expand the scope of operations in the 1980s. This small bank struggled for several years before being acquired by Lloyds Bank of the United Kingdom. Continental Bank became "Lloyds Bank of...
. In 1990, after several years of losses, Lloyds Bank sold its Canadian operations to the Hongkong Bank of Canada
HSBC Bank Canada
HSBC Bank Canada, formerly the Hongkong Bank of Canada , is a bank in Canada that is part of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the...
, a subsidiary of HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
Holdings Plc.
Revival
After the 2008 rescue of HBOSHBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
, Lloyds TSB Group was renamed Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
. In 2009, following the liquidity crisis
2008 United Kingdom bank rescue package
A bank rescue package totalling some £500 billion was announced by the British government on 8 October 2008, as a response to the ongoing global financial crisis. After two unsteady weeks at the end of September, the first week of October had seen major falls in the stock market and severe worries...
, HM Government took a 43.4% stake in Lloyds Banking Group and it was subsequently announced that a standalone retail banking business of 600 branches, including the TSB brand, would be divested by the Group to comply with European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
state aid requirements. As a consequence, Lloyds TSB Bank will be rebranded as Lloyds Bank by the end of 2013.