Lloyds Banking Group: All You Need to Know About Lloyds Bank’s Mother Company
Lloyds Bank is one of the most prominent banks offering financial services in the UK. It is owned by the Lloyds Banking Group, which was formed in 2009 with the acquisition of the HBOS - another banking and insurance behemoth that operated in the country before the merger. A key player in the UK finance sector, the group is estimated to employ some 65,000 people and serves 30 million customers.
So, in this article today, we try to find out the past and the present of the Lloyds Banking Group below.
History of Lloyds Banking Group
One of the oldest banks in the UK, the origin of Lloyds Bank can be traced back to 1765 when a financial institute called Taylors and Lloyds was founded in Birmingham. Through several mergers and acquisitions, the bank became one of the big four banks in the country.
The bank merged with TSB Group in 1995 and formed the Lloyds TSB Group plc. By the turn of the millennium, the group went to acquire Scottish Widows - one of the largest mutual life insurance companies based in Scotland. In the same year, it also bought a motor, retail, and personal finance company from the Standard Chartered Bank.
During the financial crisis in 2008, the bank took over HBOS and was injected by government capital to avoid a collapse, forming the Lloyds Banking Group plc in the process.
Lloyds Banking Group Today
At the time of writing, Lloyds Banking Group offers different financial services under different brands - Lloyds Bank, Bank of Scotland, Halifax, and Scottish Widows. Its headquarter is in London and manages an extensive overseas operation in Europe and beyond.
The group is listed on the London Stock Exchange and a part of the FTSE 100 index. It usually pays 4 dividends per year excluding special occasions or circumstances.