Lloyds Bank plc is a UK retail and commercial bank with branches throughout England and Wales. It is traditionally regarded as one of the "Big Four" clearing banks. The bank was founded in Birmingham in 1765. It developed during the nineteenth and twentieth centuries and took over a number of smaller banking companies. In 1995 joined the Trustee Savings Bank and traded as Lloyds TSB Bank plc between 1999 and 2013.
The Bank is a major subsidiary of Lloyds Banking Group, established in January 2009 by the acquisition of HBOS by TSB Lloyds Group. That year, after a British bank rescue package, the British Government took a 43.4% stake in Lloyds Banking Group. As a condition imposed by the European Commission on state aid, the group then announced that it would create a new, self-contained retail banking business, composed of branches of Lloyds TSB and branches of Cheltenham & Gloucester. The new business commenced operations on September 9, 2013 under the TSB brand. Lloyds TSB was later renamed Lloyds Bank on September 23, 2013. On March 17, 2017, the British Government confirmed that the remaining shares in Lloyds Banking Group had been sold.
Lloyds Bank is the largest retail bank in the UK, and has an extensive network of branches and ATMs in England and Wales (as well as arrangements for customers to be served by Bank of Scotland branches in Scotland, Halifax branches in Northern Ireland and vice versa) and offers phone and online banking 24 hours. In 2012 it has 16 million private subscribers and small business accounts.
It has operational Headquarters in London and other offices in Wales and Scotland. It also operates a number of office complexes, brand headquarters and data centers in Yorkshire including Leeds, Sheffield and Halifax.
Video Lloyds Bank
Histori
Origins
The origins of Lloyds Bank date from 1765, when key maker John Taylor and Quaker ironworker and dealer Sampson Lloyd II set up a private banking business in Dale End, Birmingham. The first branch office opened at Oldbury, about six miles (10 km) west of Birmingham, in 1864.
The symbols adopted by Taylors and Lloyds are industrial, honeycomb representing and hard work. The black horse-drawing device dates from 1677, when Humphrey Stokes adopted it as a sign for his shop. Stokes is a goldsmith and "running cash keeper" (the preliminary term for bankers) and business being part of Barnett, Hoares & amp; Co. When Lloyds took over the bank in 1884, he continued to trade "on the black horse mark".
The relationship with the Taylor family ended in 1852 and, in 1865, Lloyds & amp; Co. is 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 - Official Capital Ã, Â £ 2,000,000. DISCOVERED ON Private Bank Messrs. Lloyds & amp; Co and Messrs. Moilliet and Sons, with which later has joined the Banks of Messrs. P. H. Williams, Wednesbury, and Messrs.Stevenson, Salt, & amp; Co., Stafford and Lichfield. [They have offices at 20 Lombard St., London] Your Directors have the satisfaction to report that they have made a deal with the famous and old Messrs firm. Stevenson, Salt & amp; Companies for amalgamation with their Business Banking Companies in Stafford, Lichfield, Rugeley, and Eccleshall, and that this agreement has been unanimously approved by the Extraordinary General Meeting held on 31 January. It will be sent back to you for final confirmation after the closing of the ordinary general meeting. TIMOTHY KENRICK, Chairman. BIRMINGHAM, February 9, 1866
Two sons of the original partners followed in their footsteps by joining the merchant banks Barnett founded, Hoares & amp; Co which later became Barnetts, Hoares, Hanbury and Lloyd - based in Lombard Street, London. Finally, 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 in 1900, Wilts. and Dorset Bank in 1914 and, by far, the largest Capital and Regencies Bank in 1918, Lloyds appeared to be one of the "Big Four" clearing banks in the United Kingdom. In 1923, Lloyds Bank had made about 50 takeovers, one of which was the last private company to issue its own banknotes - Fox, Fowler, and Company of Wellington, Somerset. Today, the Bank of England has a monopoly on banknotes in England and Wales. In 2011, the company established SGH Martineau LLP.
In 1968, a failed merger attempt with Barclays and Martins Bank was deemed to be in conflict with the public interest by the Monopoly and Merger Commission. Barclays eventually acquired Martins the following year. In 1972, Lloyds Bank was a founding member of the Joint Credit Card Company (with National Westminster Bank, Midland Bank and National and Commercial Banking Group) launching an Access credit card (now MasterCard). In the same year he introduced Cashpoint, the first online cash machine to use plastic cards with magnetic strips. In popular use, the trademark Cashpoint has become a generic term for ATMs in the UK.
Under Sir Brian Pitman's leadership between 1984 and 1997, the focus of the bank's business narrowed and reacted to disastrous loans to South American countries by cutting off its foreign business and seeking growth through mergers with other UK banks. During this period, Pitman tried unsuccessfully to acquire Royal Bank of Scotland in 1984, Standard Chartered in 1986, and Midland Bank in 1992. Lloyds Bank International merged into Lloyds Bank in 1986, as there was no further advantage in operating separately. In 1988, Lloyds merged his five businesses with the Life Insurance Company of the Priory to create Lloyds Abbey Life.
Lloyds TSB
Bank joined first with Cheltenham & amp; Gloucester Building Society (C & amp; G), then with TSB Group in 1995. Acquisition C & amp; G gave Lloyds a large stake in the UK mortgage lending market. The TSB merger is structured as an upside-down takeover; Lloyds Bank Plc was released from the London Stock Exchange and TSB Group plc was renamed Lloyds TSB Group plc on December 28, with former Lloyds Bank shareholders owning a 70% equity interest in shares, affected through the regulatory scheme. The new bank started trading in 1999, after the legal integration process was completed. On June 28, TSB Bank plc transferred its involvement to Lloyds Bank Plc which later renamed Lloyds TSB Bank plc; at the same time, TSB Bank Scotland plc absorbs three Scottish branches of Lloyds into Lloyds TSB Scotland plc. Joint business establishes the largest bank in the UK based on market share and the second largest to Midland Bank (now HSBC) by market capitalization. The iconic Lloyds black horse device is retained and modified to reflect TSB incorporation.
Lloyds Abbey Life became a wholly owned subsidiary of the group in 1996, absorbing Hill Samuel in 1997, before closing into new business in 2000. In 2007, Abbey Life was sold to Deutsche Bank for £ 977 million.
In 1999, the group agreed to buy the Scottish Widow Fund and Life Assurance Society for £ 7 billion. The society was demutualized in 2000, shortly before the acquisition was completed. In 2001, Lloyds TSB made an offer to acquire Abbey National; however, the offer was blocked by the Competition Commission, which ruled that the merger would be in conflict with the public interest.
In October 2011, Lloyds TSB's credit rating was reduced by Moody's from Aa3 to A1. The action was taken in 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 is the first Official Partner for the 2012 Summer Olympics in London.
Divestment and return to Lloyds Bank
After the 2008 HBOS rescue, Lloyds TSB Group changed its name to Lloyds Banking Group. In 2009, following a liquidity crisis, HM Government took a 43.4% stake in Lloyds Banking Group. The European Commission ruled that the group should sell part of its business in November 2013, categorizing stake purchases as state aid.
On April 24, 2013, it is certain that a number of Lloyds TSB branches in England and Wales will be merged with branches of Cheltenham & Gloucester and Lloyds TSB Scotland business to form a new bank operating under the TSB brand and divested by the group. The selected LByds TSB branch and Cheltenham branch & amp; Gloucester was transferred to Lloyds TSB Scotland plc, which was named TSB Bank plc. The new bank commenced operations on September 9, 2013 as a separate division within the Lloyds Banking Group. TSB aired on the London Stock Exchange on June 20, 2014, and was acquired by Banco Sabadell a year later and later removed. Lloyds TSB's remaining business returns to Lloyds Bank's name on September 23, 2013.
In October 2014, the bank announced that it plans to cut 9,000 jobs and close several branches in view of the growing number of customers using online banking services.
In July 2016, the bank announced it would cut 3,000 jobs due to the economic downturn as a result of EU Union membership referendum.
In January 2017, the bank suffered a disruption to an online service that was initially blamed on "non-specific technical nuisances". A hacker reportedly claimed responsibility for the attack, demanding around Ã, Â £ 75,000 from the bank in "consultation fees".
Maps Lloyds Bank
Services
The Bank offers a range of banking and financial services, through a network of 1,300 branches in England and Wales. The branches in Jersey, Guernsey and Isle of Man are operated by Lloyds Bank International Limited, while Lloyds Bank (Gibraltar) Limited operates in Gibraltar; both wholly owned subsidiaries and trades under the Lloyds Bank brand. Lloyds Bank is authorized by the Prudential Rule Authority and governed by the Financial Behavior Authority and the Prudential Rule Authority. It is a member of the Financial Ombudsman Service, the Financial Services Compensation Scheme, the Payment Administration of England, the Association of British Bankers and a Subscription to the Lending Code. The bank uses the following sort of code series: -
The Lloyds Bank Foundation is funding local, regional and national charities working to deal with losses in England and Wales. There are several separate foundations covering Scotland, Northern Ireland, and the Channel Islands.
Overseas operations
The bank's overseas expansion began in 1911 and, in 1985, it had banking offices and representatives in 45 countries, from Argentina to the United States.
Lloyds Bank International was absorbed into Lloyds Bank's main business in 1986. Since 2010, the name has been used to refer to the bank's overseas bank operations.
Controversy
Payment protection insurance
In November 2005 an investigation by the Financial Services Authority (OJK) highlighted the lack of compliance controls over payment protection insurance (PPI). A second investigation in October 2006 identified further evidence of poor compliance and major PPI providers including Lloyds fined for not treating customers fairly. In January 2011 the High Court case began which in April next opposed the bank, on May 5, 2011 Lloyds withdrew from legal challenges. In 2012, Lloyds announced that it has set aside £ 3.6 billion to cover the wrong customer compensation costs of PPI.
In March 2014 it was reported that Lloyds had reduced the compensation they offered by using a provision of the so-called "alternative compensation" to assume that the wrong customers were selling a single premium PPI policy would buy a cheaper regular PPI premium policy.
In June 2015, the Lloyds Banking Group was fined £ 117m for mismanagement of insurance protection claims including many "unfairly denied" claims.
Link to arms trade
In December 2008, the British anti-poverty charity War on Want released a report documenting the extent to which High Street banks in Britain are investing, providing banking services and lending to weapons companies. The report states that Lloyds TSB is the only high street bank whose corporate social responsibility policy does not mention the arms industry, but is the industry's second largest shareholder among high street banks.
Tax evasion
In 2009, the BBC's Panorama stated that Lloyds TSB Offshore in Jersey, Channel Islands encouraged wealthy customers to evade taxes. An employee of Lloyds was filmed telling customers how some mechanisms could be used to make their transactions invisible to UK tax authorities. This action also violates money laundering regulations in Jersey. Lloyds later claimed that this was an isolated incident they were investigating.
Retail behavior failure
In December 2013, Lloyds Banking Group has been fined Ã, Â £ 28m for "serious failure" in relation to bonus schemes for sales staff. The Financial Behavior Authority says it is the largest fine ever imposed by the Financial Services Authority or for the failure of retail behavior. The bonus scheme put pressure on staff to reach sales targets or risk downgrading and cut their pay, FCA said. Lloyds Bank has accepted the regulator's findings and apologized to its customers.
Based on figures from the National Audit Office, George Osborne's sales of a 6% tranche of Lloyds shares in the fall of 2013 - despite his claims that the sale had made a profit - worked at a loss of at least £ 230 million for UK taxpayers. However, after the British Government confirmed all remaining shares had been sold on May 17, 2017, Lloyds Bank said the government had seen a return of £ 21.2bil on its investment, a profit of around £ 900 million.
Credit card
Lloyds refused to issue credit cards to two people over 75 with a perfect credit history on the grounds that they were too old. After Telegraph Money contacted Lloyds, the bank apologized and issued the card.
libor level manipulation
In July 2014, US and British regulators imposed a combined £ 218 million ($ 370 million) penalty on Lloyds and a number of subsidiaries over bank parts in Libor's global pricing scandal, and other fraudulent manipulations and false reporting.
Awards and nominations
See also
- Lloyds Bank Ltd v Bundy
- Lloyds Bank plc v Rosset
- Lloyds Bank plc v Independent Insurance Co Ltd
References
Bibliography
External links
- Official website
- Lloyds TSB Foundation
- Lloyds Banking Group
- TSB
Source of the article : Wikipedia
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