Lloyds Bank plc is a British
retail and commercial bank with branches across
England
England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...
and
Wales
Wales ( cy, Cymru ) is a Countries of the United Kingdom, country that is part of the United Kingdom. It is bordered by England to the Wales–England border, east, the Irish Sea to the north and west, the Celtic Sea to the south west and the ...
. It has traditionally been considered one of the "
Big Four"
clearing banks. Lloyds Bank is the largest retail bank in
Britain
Britain most often refers to:
* The United Kingdom, a sovereign state in Europe comprising the island of Great Britain, the north-eastern part of the island of Ireland and many smaller islands
* Great Britain, the largest island in the United King ...
, and has an extensive network of branches and
ATMs in England and Wales (as well as an arrangement for its customers to be serviced by Bank of Scotland branches in Scotland, Halifax branches in
Northern Ireland
Northern Ireland ( ga, Tuaisceart Éireann ; sco, label= Ulster-Scots, Norlin Airlann) is a part of the United Kingdom, situated in the north-east of the island of Ireland, that is variously described as a country, province or region. Nort ...
and vice versa) and offers 24-hour telephone and online banking services. it had 16 million personal customers and small business accounts.
Founded in
Birmingham
Birmingham ( ) is a city and metropolitan borough in the metropolitan county of West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1.145 million in the city proper, 2.92 million in the West ...
in 1765, it expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies. In 1995 it merged with the
Trustee Savings Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Becaus ...
and traded as Lloyds TSB Bank plc between 1999 and 2013. In January 2009, it became the principal subsidiary of
Lloyds Banking Group
Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank w ...
, which was formed by the acquisition of
HBOS
HBOS plc was 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. It was the holding company for Bank of Scotland plc, which operated the Bank ...
by the then-Lloyds TSB Group. It has its operational headquarters in
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
and other offices in
Wales
Wales ( cy, Cymru ) is a Countries of the United Kingdom, country that is part of the United Kingdom. It is bordered by England to the Wales–England border, east, the Irish Sea to the north and west, the Celtic Sea to the south west and the ...
and
Scotland
Scotland (, ) is a country that is part of the United Kingdom. Covering the northern third of the island of Great Britain, mainland Scotland has a border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the ...
. It also operates a number of office complex, brand headquarters and data centres in
Birmingham
Birmingham ( ) is a city and metropolitan borough in the metropolitan county of West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1.145 million in the city proper, 2.92 million in the West ...
,
Yorkshire
Yorkshire ( ; abbreviated Yorks), formally known as the County of York, is a Historic counties of England, historic county in northern England and by far the largest in the United Kingdom. Because of its large area in comparison with other Eng ...
including
Leeds
Leeds () is a city and the administrative centre of the City of Leeds district in West Yorkshire, England. It is built around the River Aire and is in the eastern foothills of the Pennines. It is also the third-largest settlement (by populati ...
,
Sheffield
Sheffield is a city status in the United Kingdom, city in South Yorkshire, England, whose name derives from the River Sheaf which runs through it. The city serves as the administrative centre of the City of Sheffield. It is Historic counties o ...
,
Halifax and
Wolverhampton
Wolverhampton () is a city, metropolitan borough and administrative centre in the West Midlands, England. The population size has increased by 5.7%, from around 249,500 in 2011 to 263,700 in 2021. People from the city are called "Wulfrunian ...
.
History
Origins
![Portrait of Sampson Lloyd II (1699 - 1779)](https://upload.wikimedia.org/wikipedia/commons/b/b6/Portrait_of_Sampson_Lloyd_II_%281699_-_1779%29.jpg)
The origins of Lloyds Bank date from 1765, when button maker
John Taylor and
Quaker
Quakers are people who belong to a historically Protestant Christian set of Christian denomination, denominations known formally as the Religious Society of Friends. Members of these movements ("theFriends") are generally united by a belie ...
iron producer and dealer
Sampson Lloyd
Sampson Lloyd II (15 May 1699 – 1779) was an English iron manufacturer and banker, who co-founded Lloyds Bank. He was a member of the notable Lloyd family of Birmingham.
Career
Sampson Lloyd was the third son of Sampson Lloyd (1664 ...
set up a private banking business in Dale End,
Birmingham
Birmingham ( ) is a city and metropolitan borough in the metropolitan county of West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1.145 million in the city proper, 2.92 million in the West ...
. The first branch office opened in
Oldbury, some six miles (10 km) west of Birmingham, in 1864.
[In 2016 the Oldbury building, no longer occupied by Lloyds, was described as "at risk" by ]Save Britain's Heritage
Save Britain's Heritage (styled as ''SAVE Britain's Heritage'') is a British charity, created in 1975 by a group of journalists, historians, architects, and planners to campaign publicly for endangered historic buildings. It is also active on the ...
.
The symbol adopted by Taylors and Lloyds was the beehive, representing industry and hard work. The black horse regardant 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) and the business became part of Barnett, Hoares & Co. When Lloyds took over that bank in 1884, it continued to trade "at the sign of the black horse".
The association with the Taylor family ended in 1852 and, in 1865, Lloyds & Co. converted into a joint-stock company known as Lloyds Banking Company Ltd. The first report of the company in 1865 stated:
LLOYDS BANKING COMPANY LIMITED – Authorized Capital £2,000,000. FOUNDED ON The Private Banks of Messrs. Lloyds & Co. and Messrs. Moilliet and Sons, with-which have subsequently been amalgamated the Banks of Messrs. P. H. Williams, Wednesbury, and Messrs.Stevenson, Salt, & Co., Stafford and Lichfield. hey had an office at 20 Lombard St., London
Hey or Hey! may refer to:
Music
* Hey (band), a Polish rock band
Albums
* ''Hey'' (Andreas Bourani album) or the title song (see below), 2014
* ''Hey!'' (Julio Iglesias album) or the title song, 1980
* ''Hey!'' (Jullie album) or the title ...
Your Directors have the satisfaction to report that they have concluded an agreement with the well-known and old-established firm of Messrs. Stevenson, Salt & Company for the amalgamation with this Company of their Banking Business at Stafford, Lichfield, Rugeley, and Eccleshall, and that this agreement has had the unanimous approval of the Extraordinary General Meeting held on 31st January last. It will be again submitted to you for final confirmation after the close of the Ordinary General Meeting. TIMOTHY KENRICK, Chairman. BIRMINGHAM, 9th February 1866
Two sons of the original partners followed in their footsteps by joining the established merchant bank Barnett, Hoares & Co. which later became Barnetts, Hoares, Hanbury and Lloyd— based in Lombard Street, London. Eventually, this became absorbed into the original Lloyds Banking Company, which became Lloyds, Barnetts and Bosanquets Bank Ltd. in 1884. and, finally, Lloyds Bank Limited in 1889.
Expansion
Through a series of mergers, including
Cunliffe, Brooks
Cunliffe, Brooks and Co. was a bank founded in Blackburn, Lancashire, England in 1792.
The bank founded by cotton entrepreneur William Brooks (1762–1846) and Roger Cunliffe. In 1819, Samuel Brooks, son of one of the founders, opened a branch o ...
in 1900, the Wilts. and Dorset Bank in 1914 and, by far the largest, 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
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
Like many ot ...
of Wellington, Somerset. Today, the
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 to act as the English Government's banker, and still one of the bankers for the Government of ...
has a monopoly of banknote issue in England and Wales. In 2011, the company founded
SGH Martineau LLP.
Eleven banks bought by Lloyds Bank between 1865 and 1923 had been involved in
slavery
Slavery and enslavement are both the state and the condition of being a slave—someone forbidden to quit one's service for an enslaver, and who is treated by the enslaver as property. Slavery typically involves slaves being made to perf ...
to some degree. One of these, the London and Brazilian Bank, financed coffee plantations in
Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
which operated on
slave labour
Slavery and enslavement are both the state and the condition of being a slave—someone forbidden to quit one's service for an enslaver, and who is treated by the enslaver as property. Slavery typically involves slaves being made to perf ...
, and mortgages on these plantations were sometimes secured using the monetary value of the enslaved people as collateral.
In 1968, a failed attempt at merger with
Barclays
Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Barclays traces ...
and
Martins Bank
Martins Bank was a London private bank, trading for much of its time under the symbol of “The Grasshopper”, that could trace its origins back to the London goldsmiths. Martins agreed to its acquisition by the Bank of Liverpool in 1918. The Ba ...
was deemed to be against the public interest by the
Monopolies and Mergers Commission
The Competition Commission was a non-departmental public body responsible for investigating mergers, markets and other enquiries related to regulated industries under UK competition law, competition law in the United Kingdom. It was a competiti ...
. Barclays finally acquired Martins the following year. In 1972, Lloyds Bank was a founding member of the Joint Credit Card Company (with
National Westminster Bank
National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom based in London, England. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, it ...
,
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. It ...
and the
National and Commercial Banking Group) which launched the
Access
Access may refer to:
Companies and organizations
* ACCESS (Australia), an Australian youth network
* Access (credit card), a former credit card in the United Kingdom
* Access Co., a Japanese software company
* Access Healthcare, an Indian BPO se ...
credit card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...
(now
MasterCard). That same year it introduced ''Cashpoint'', the first online cash machine to use plastic cards with a magnetic stripe. In popular use, the ''Cashpoint''
trademark
A trademark (also written trade mark or trade-mark) is a type of intellectual property consisting of a recognizable sign, design, or expression that identifies products or services from a particular source and distinguishes them from others ...
has become a generic term for an
ATM in the United Kingdom.
In 1982 Lloyds decided to follow
Provident Financial Group plc in entering the estate agency market with the acquisition of the Norfolk firm of Charles Hawkins and Son in May of that year to form Black Horse Agencies.
The firm had been first established in 1869 in Downham Market by Charles Hawkins who was land agent for the Pratt estate at Ryston. The firm merged in 1875 with that of Cruso and Son forming Cruso and Hawkins, later becoming Charles Hawkins and Son in 1908.
Under the leadership of Sir Brian Pitman between 1984 and 1997, the bank became an early adopter of
shareholder value
Shareholder value is a business term, sometimes phrased as shareholder value maximization. It became prominent during the 1980s and 1990s along with the management principle value-based management or "managing for value".
Definition
The term "shar ...
creation as a governing corporate objective.
The bank's business focus was narrowed and it reacted to disastrous lending to South American states by trimming its overseas businesses and seeking growth through mergers with other UK banks. During this period, Pitman tried unsuccessfully to acquire
The Royal Bank of Scotland
The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Ba ...
in 1984,
Standard Chartered
Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 9 ...
in 1986, and Midland Bank in 1992. Lloyds Bank International merged into Lloyds Bank in 1986, since there was no longer an advantage in operating separately.
[Lloyds Bank (Merger) Act 1985 (c. ix)] In 1988, Lloyds merged five of its businesses with the
Abbey Life Insurance Company to create Lloyds Abbey Life.
Lloyds TSB
The bank merged first with the newly demutualised
Cheltenham & Gloucester
Cheltenham & Gloucester plc (C&G) was a mortgage and savings provider in the United Kingdom, a subsidiary of Lloyds Banking Group. C&G specialised in mortgages and savings products. Previously, C&G was a building society, the Cheltenham and Glouc ...
Building Society (C&G), then with the
TSB Group in 1995. The C&G acquisition gave Lloyds a large stake in the UK
mortgage
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pu ...
lending market. The TSB merger was structured as a reverse takeover; Lloyds Bank Plc was delisted from the
London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
and TSB Group plc was renamed Lloyds TSB Group plc on 28 December, with former Lloyds Bank shareholders owning a 70% equity interest in the share capital, effected through a scheme of arrangement. The new bank commenced trading in 1999, after the statutory process of integration was completed. On 28 June, TSB Bank plc transferred engagements to Lloyds Bank Plc which then changed its name to Lloyds TSB Bank plc; at the same time, TSB Bank Scotland plc absorbed Lloyds' three Scottish branches becoming Lloyds TSB Scotland plc. The combined business formed the largest bank in the UK by market share and the second-largest to Midland Bank (now
HSBC
HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
) by market capitalisation. Lloyds' iconic black horse device was retained and modified to reflect the TSB merger.
Lloyds Abbey Life became a wholly owned subsidiary of the group in 1996, absorbing
Hill Samuel
Hill Samuel is a wholly owned subsidiary of Lloyds Banking Group's Offshore Private Banking unit. It was formerly a leading British merchant bank and financial services firm before the takeover by TSB Group Plc. in 1987, which itself merged with ...
in 1997, before closing to new business in 2000. In 2007, Abbey Life was sold to
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
for £977 million.
In 1999, the group agreed to buy the
Scottish Widows
Scottish Widows is a life insurance and pensions company located in Edinburgh, Scotland, and is a subsidiary of Lloyds Banking Group. Its product range includes life assurance and pensions. The company has been providing financial services to the ...
Fund and Life Assurance Society for £7 billion. The society demutualised in 2000, shortly before the acquisition was completed. In 2001, Lloyds TSB made a bid to acquire
Abbey National; however, the bid was blocked by the
Competition Commission
The Competition Commission was a non-departmental public body responsible for investigating mergers, markets and other enquiries related to regulated industries under competition law in the United Kingdom. It was a competition regulator under t ...
, who ruled that a merger would be against the public interest.
In October 2011, Lloyds TSB's credit rating was reduced by
Moody's
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international ...
from Aa3 to A1. The action was taken in the light of a shift in government policy to move risk from taxpayers to creditors by reducing the level of support offered to financial institutions.
Lloyds TSB was the first Official Partner for the
2012 Summer Olympics
The 2012 Summer Olympics (officially the Games of the XXX Olympiad and also known as London 2012) was an international multi-sport event held from 27 July to 12 August 2012 in London, England, United Kingdom. The first event, the ...
in London.
Divestment and return to Lloyds Bank
![Lloyds TSB, Market Place, Wetherby (12th October 2013)](https://upload.wikimedia.org/wikipedia/commons/b/bb/Lloyds_TSB%2C_Market_Place%2C_Wetherby_%2812th_October_2013%29.JPG)
After the 2008 rescue of HBOS, Lloyds TSB Group was renamed Lloyds Banking Group. In 2009, following the
liquidity crisis In financial economics, a liquidity crisis is an acute shortage of ''liquidity''. Liquidity may refer to market liquidity (the ease with which an asset can be converted into a liquid medium, e.g. cash), funding liquidity (the ease with which borrowe ...
,
HM Government
ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd
, image = HM Government logo.svg
, image_size = 220px
, image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg
, image_size2 = 180px
, caption = Royal coat of arms of t ...
took a 43.4% stake in Lloyds Banking Group. The
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body o ...
ruled that the group must sell a portion of its business by November 2013, as it categorised the stake purchase as
state aid.
On 24 April 2013, it was confirmed that a number of Lloyds TSB branches in England and Wales would be combined with the branches of Cheltenham & Gloucester and the business of Lloyds TSB Scotland to form a new bank operating under the
TSB
Banking
A trustee savings bank is a type of financial institution.
* In the United Kingdom:
** Trustee Savings Bank, a bank in the United Kingdom that merged with Lloyds Bank in 1995 to form Lloyds TSB until 2013
** Lloyds TSB, the name used by ...
brand and divested by the group. The selected Lloyds TSB branches and those of Cheltenham & Gloucester were transferred to Lloyds TSB Scotland plc, which was renamed TSB Bank plc. The new bank began operating on 9 September 2013 as a separate division within Lloyds Banking Group. TSB was floated on the London Stock Exchange on 20 June 2014, and was acquired by
Banco Sabadell
Banco de Sabadell, S.A. ( ca, Banc Sabadell) is a Spanish multinational financial services company headquartered in Alicante and Barcelona, Spain. It is the 4th-largest Spanish banking group. It includes several banks, brands, subsidiaries and a ...
one year later and subsequently delisted. The remaining business of Lloyds TSB returned to the Lloyds Bank name on 23 September 2013.
In October 2014, the bank announced that it planned to cut 9,000 jobs and close some branches in light of an increase in the number of customers using online banking services.
In July 2016, the bank announced it would cut 3,000 jobs because of the economic downturn as a result of
United Kingdom European Union membership referendum
The United Kingdom European Union membership referendum, commonly referred to as the EU referendum or the Brexit referendum, took place on 23 June 2016 in the United Kingdom (UK) and Gibraltar to ask the electorate whether the country shoul ...
.
In January 2017, the bank suffered interruptions to its online services originally blamed on "unspecified technical glitches". A
hacker
A hacker is a person skilled in information technology who uses their technical knowledge to achieve a goal or overcome an obstacle, within a computerized system by non-standard means. Though the term ''hacker'' has become associated in popu ...
reportedly claimed responsibility for the
attack, demanding around £75,000 from the bank in a "consultation fee". On 17 March 2017, the
British Government
ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd
, image = HM Government logo.svg
, image_size = 220px
, image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg
, image_size2 = 180px
, caption = Royal Arms
, date_es ...
confirmed its remaining shares in Lloyds Banking Group had been sold.
Services
![Lloyds Bank, Southwark 01](https://upload.wikimedia.org/wikipedia/commons/3/31/Lloyds_Bank%2C_Southwark_01.jpg)
The bank offers a full range of banking and financial services, through a network of 1,300 branches in England and Wales. Branches in
Jersey
Jersey ( , ; nrf, Jèrri, label=Jèrriais ), officially the Bailiwick of Jersey (french: Bailliage de Jersey, links=no; Jèrriais: ), is an island country and self-governing Crown Dependencies, Crown Dependency near the coast of north-west F ...
,
Guernsey
Guernsey (; Guernésiais: ''Guernési''; french: Guernesey) is an island in the English Channel off the coast of Normandy that is part of the Bailiwick of Guernsey, a British Crown Dependency.
It is the second largest of the Channel Islands ...
and the
Isle of Man
)
, anthem = "O Land of Our Birth"
, image = Isle of Man by Sentinel-2.jpg
, image_map = Europe-Isle_of_Man.svg
, mapsize =
, map_alt = Location of the Isle of Man in Europe
, map_caption = Location of the Isle of Man (green)
in Europe ...
are operated by Lloyds Bank International Limited, while Lloyds Bank (Gibraltar) Limited operates in
Gibraltar
)
, anthem = " God Save the King"
, song = " Gibraltar Anthem"
, image_map = Gibraltar location in Europe.svg
, map_alt = Location of Gibraltar in Europe
, map_caption = United Kingdom shown in pale green
, mapsize =
, image_map2 = Gib ...
; both are wholly owned subsidiaries and trade under the Lloyds Bank brand. Lloyds Bank is authorised by the
Prudential Regulation Authority and regulated by both the
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...
and the Prudential Regulation Authority. It is a member of the
Financial Ombudsman Service
The Financial Ombudsman Service is an ombudsman in the United Kingdom. It was established in 2000, and given statutory powers in 2001 by the Financial Services and Markets Act 2000, to help settle disputes between consumers and UK-based bus ...
, the
Financial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or li ...
,
UK Payments Administration
The UK Payments Administration Ltd (UKPA) is a United Kingdom service company that provides people, facilities and expertise to the UK payments industry.
UKPA was created on 6 July 2009, as a successor of the Association for Payment Clearing Ser ...
, the
British Bankers' Association
The British Bankers' Association (BBA) was a trade association for the UK banking and financial services sector. From 1 July 2017, it was merged into UK Finance.
It represented members from a wide range of banking and financial services. The asso ...
and subscribes to the
Lending Code
The Standards of Lending Practice (previously the Lending Code) are voluntary and set the benchmark for good lending practice in the United Kingdom, outlining the way registered firms are expected to deal with their customers throughout the entire ...
. The bank uses the following series of
sort code
Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and in the Republic of Ireland. They are six-digit hierarchical numerical addresses that specify clearing banks, clearing s ...
s:—
The Lloyds Bank Foundation funds local, regional and national charities working to tackle disadvantage across England and Wales. There are separate foundations covering Scotland, Northern Ireland and the Channel Islands.
Overseas operations
The bank's overseas expansion began in 1911 and, by 1985, it had banking and representative offices in 45 countries, from Argentina to the United States of America.
Lloyds Bank International
Lloyds Bank International is a wholly owned subsidiary of Lloyds Bank Corporate Markets in the United Kingdom, which is in turn part of Lloyds Banking Group, one of the largest banking groups in Europe.
Lloyds Bank's overseas expansion began in ...
was absorbed into the main business of Lloyds Bank in 1986. Since 2010, the name has been used to refer to the bank's offshore banking operations.
Senior leadership
The following list indicates the Chairmen and Chief Executive's from the incorporation of Lloyds Banking Corporation in 1865, and the creation of the Chief Executive position in 1945. The Chairman and Chief Executive of Lloyds Bank is held ''ex-officio'' by the Chairman and Chief Executive of Lloyds Banking Group.
List of chairmen
#
Timothy Kenrick (1865–1868)
#
Sampson Samuel Lloyd
Sampson Samuel Lloyd (10 November 1820 – 3 March 1889) was a British banker and Conservative Party politician. He became chairman of Lloyds Bank and held a seat in the House of Commons for six years between 1874 and 1885.
Career
Lloyd wa ...
(1868–1886)
#
Thomas Salt (1886–1898)
# John Spencer Philips (1898–1909)
#
Sir Richard Vassar-Smith (1909–1922)
#
Lord Waddington (1922–1945)
#
Lord Balfour of Burleigh
Lord Balfour of Burleigh, in the County of Kinross, is a title in the Peerage of Scotland. It was created in 1607 for Sir Michael Balfour.
He was succeeded by his daughter, Margaret, his only child. She married Robert Arnot, who assumed the su ...
(1945–1954)
#
Lord Franks (1954–1962)
# Sir Harald Peake (1962–1969)
# Sir Eric Faulkner (1969–1977)
#
Sir Jeremy Morse (1977–1993)
#
Sir Robin Ibbs (1993–1997)
# Sir Brian Pitman (1997–2001)
#
Maarten van den Bergh
Maarten Albert van den Bergh (born 19 April 1942 in New York City) is a Dutch businessman.
Van den Bergh is the son of Maria Meijers (1905–1957) and Sidney James van den Bergh, long-term chairman of Unilever and Dutch Minister of Defense in ...
(2001–2006)
#
Sir Victor Blank (2006–2009)
#
Sir Winfried Bischoff (2009–2014)
#
Lord Blackwell
Norman Roy Blackwell, Baron Blackwell (born 29 July 1952) is a British former businessman,
The Peerage, Person Page 14368 Retrieved ...
(2014–2020)
#
Robin Budenberg
Robin Francis Budenberg CBE (born 1959) is a British Corporate Adviser. He was appointed non-executive Director of Lloyds Banking Group on 1 October 2020 and became Chairman on 4 January 2021 and was appointed Chairman of The Crown Estate on 9 ...
(2021– )
List of chief executives
# Sydney Parkes (1945)
# E. Whitley-Jones and A.H. Ensor (1946–1950)
# A.H. Ensor (1951–1952)
# A.H. Ensor and E.J. Hill (1953–1954)
# E.J. Hill and G.Y. Hinwood (1955–1957)
# E.J. Hill (1957–1959)
# E.J. Hill and E.J.N. Warburton (1959–1960)
# E.J.N. Warburton (1960–1966)
# M.T. Wilson (1967–1972)
# B.H. Piper (1973–1978)
# Norman Jones (1978–1983)
# Sir Brian Pitman (1984–1997)
# Sir Peter Elwood (1997–2003)
#
Eric Daniels (2003–2011)
#
Sir António Horta-Osório (2011–2021)
#
Charlie Nunn
Charles Alan Nunn (born 1971) is a British banker and former management consultant, and the chief executive (CEO) of Lloyds Banking Group since August 2021.
Early life
Nunn grew up near Southampton, Hampshire. He was educated at Brookfield Com ...
(2021– )
Controversies
Payment protection insurance
In November 2005 an investigation by the
Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
(FSA) highlighted a lack of compliance controls surrounding
payment protection insurance
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill or disabl ...
(PPI). A second investigation in October 2006 identified further evidence of poor compliance and major PPI providers including Lloyds were fined for not treating customers fairly. In January 2011 a High Court case began which in the following April ruled against the banks, on 5 May 2011 Lloyds withdrew from the legal challenge. In 2012, Lloyds announced that they had set aside £3.6 billion to cover the cost of compensating customers who were mis-sold PPI.
In March 2014 it was reported that Lloyds had been reducing the compensation they offered by using a regulatory provision called "alternative redress" to assume that customers wrongly sold single-premium PPI policies would have bought a cheaper, regular premium PPI policy instead.
In June 2015 the Lloyds Banking Group was fined £117m for mishandling payment protection insurance claims including many claims being "unfairly rejected".
Links to arms trade
In December 2008 the British anti-poverty charity
War on Want released a report documenting the extent to which the UK high street banks invest in, provide banking services for and lend to arms companies. The report stated that Lloyds TSB is the only high street bank whose corporate social responsibility policy does not mention the
arms industry
The arms industry, also known as the arms trade, is a global industry which manufactures and sells weapons and military technology. It consists of a commercial industry involved in the research and development, engineering, production, and servi ...
, yet is that industry's second largest shareholder among high street banks.
Tax evasion
In 2009, the
BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board exam. ...
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'' alleged that Lloyds TSB Offshore in Jersey, Channel Islands was encouraging wealthy customers to evade tax. An employee of Lloyds was filmed telling a customer how several mechanisms could be used to make their transactions invisible to the UK tax authorities. This action is also in breach of money laundering regulations in Jersey.
In December 2013, Lloyds Banking Group had been fined £28m for "serious failings" in relation to bonus schemes for sales staff. The
had imposed for retail conduct failings. The bonus scheme pressured staff to hit sales targets or risk being demoted and have their pay cut, the FCA said. Lloyds Bank has accepted the regulator's findings and apologised to its customers.
's sale of a 6% tranche of Lloyds shares in autumn 2013—despite his claims that the sale had netted a profit—worked out at a loss of at least £230m for UK taxpayers. However, after the British Government confirmed all its remaining shares had been sold on 17 May 2017, Lloyds Bank said the government had seen a return of £21.2bil on its investment, an approximately £900m profit.
In July 2014, US and UK regulators imposed a combined £218 million ($370 million) in fines on Lloyds and a number of subsidiaries over the bank's part in the global
, and other rate manipulations and false reporting.
s have been engineered in 2015, 2016, 2017 and 2018 into making the recipient believe that they are receiving an email from Lloyds Bank or Lloyds TSB. Though these emails have had nothing to do with the bank per se, they often are sent by official looking email ids with the bank's domain name. Typically, they contain an authentication code which is sent as a distractor. The linked pages usually allow the recipient to enter their personal information related to the bank, leading to their bank accounts being
.
* Sayers, R. S. ''Lloyds Bank in the History of English Banking'' Oxford: Clarendon Press, 1957
* Winton, J. R. ''Lloyds Bank 1918–1969'' Oxford University Press, 1982
* Jones, Geoffrey ''Lombard Street on the Riviera: British Clearing Banks and Europe 1900–1960'' Business History, Vol. 24 No. 2 (pp. 186–210) July 1982