Lloyds Banking Group (LLOY)

Published On: August 17, 2017Categories: Lloyds Banking Group (LLOY)2.8 min read

Lloyds Bank is a prestigious banking group with strong UK presence

Lloyds Bank is a London, UK based bank which offers range of banking services to its customers across England and Wales. It is headquartered in London with offices in Wales and Scotland. It is engaged in providing retail and commercial services and considered to be one of the big four clearing banks. The bank has a strong presence in the UK and has millions of customers all over the country. It has wide reach and serves people with varied requirements across communities.

Lloyds bank offers range of financial products and services to its customers and clients which includes current accounts, savings, mortgages, loans and credit cards services. Lloyds bank is primarily focussed on retail and commercial banking and is committed to businesses and individuals and to the growth of the country’s economy. Lloyds bank is the principal subsidiary of Lloyds Banking Group which was formed in 2009.


Lloyds bank has a long history which goes back to 1765. It was founded in Birmingham when John Taylor and Sampson Lloyd II established a private banking business. It opened its first branch in Oldbury near Birmingham in 1864. Gradually, it grew and many banking businesses became part of it. Later the business became part of Barnett, Hoares & Co. Sons of the original partners also joined Barnett, Hoares & Co. which later became Barnetts, Hoares, Hanbury and Lloyd.

The business was later taken over by Lloyds in 1884. After many mergers and changes, the business became Lloyds Bank Limited in 1889. Then, it merged with the Trustee Savings Bank in 1995 and traded as “Lloyds TSB Bank plc” between 1999 and 2013. The black horse symbol of the bank was adopted by Humphrey Stokes who was a goldsmith and a banker.

Executive Committee

Members of the Executive Committee:

Annette Andrews – Human Resources Director

Shirine Khoury-Haq – Chief Operating Officer

Paolo Vagnone – Chief Strategy Officer

Inga Beale DBE – Chief Executive Officer

John Parry – Chief Financial Officer

Vincent Vandendael – Chief Commercial Officer

Jon Hancock – Performance Management Director

Peter Spires – General Counsel

Hilary Weaver – Chief Risk Officer

Board of directors
Members of the board of directors:

Antonio Horta-Osorio – Executive Director and Group Chief Executive

Juan Colombas – Executive Director and Chief Risk Officer

George Culmer – Executive Director and Chief Financial Officer

Recent performance

Lloyds bank’s pre-tax profits have reached levels before the financial crisis as it reported £4.24bn in pre-tax profits which is an increase of 158%. With this, the bank has reached highest profit in the last ten years. The bank has reduced the provisions for PPI from £4bn to £1bn. Meanwhile, the government will reduce its stake in the bank and make its ownership fully private.

The government had intervened during the financial crisis by spending £20.3bn, of which it has returned £18.5bn to the taxpayer.

The bank has made provision of £1bn in the third quarter for PPI claims and other issues relating to conduct. In another development, the company has increased its dividend by 13%.

Future plans

Lloyds Bank will cut a vast number of its branches and these branches will have two people who will be supporting customers in operating the banking machines. Some of the branches will not have cashier counters.

A spokesperson for Lloyds Banking Group said:

“Branches are a vital part of our strategy, and we’re investing in our network to make sure it’s right for the future.

“We’re transforming branches, responding to customers and giving them choice, including new flagship branches in city centre locations, and introducing some smaller micro-formats alongside our community and mobile branches.”

Address: 25 Gresham Street, London EC2V 7HN

Website: https://www.lloyds.com/

About the Author: Jonathan Adams

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