The Lloyds TSB Act 1998 is a
private Act
Proposed bills are often categorized into public bills and private bills. A public bill is a proposed law which would apply to everyone within its jurisdiction. This is unlike a private bill which is a proposal for a law affecting only a single p ...
of the
United Kingdom Parliament
The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative supremacy ...
, to provide for the transfer to and vesting in
Lloyds Bank
Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exte ...
plc of the undertakings of
TSB Bank plc and Hill Samuel Bank Limited (members of the Lloyds TSB Group); and for connected purposes.
Background
The Lloyds 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
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 ...
plc on 28 December 1995, with former Lloyds Bank shareholders owning a 70 per cent equity interest in the share capital, effected through a scheme of arrangement.
Objectives
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.
See also
*
HBOS Group Reorganisation Act 2006
The HBOS Group Reorganisation Act 2006 is a Local and Personal Acts of Parliament in the United Kingdom, local Act of Parliament, passed by the Parliament of the United Kingdom in June 2006. The aim of the act was to provide HBOS plc, a banking ...
External links
Lloyds TSB Act 1998
{{DEFAULTSORT:Lloyds TSB Act 1998
United Kingdom Acts of Parliament 1998
Lloyds Banking Group
Banking legislation in the United Kingdom