The term 'Lloyds Banking Group' is included in the Banking edition of the Financial Dictionary. Get your copy on Amazon in Kindle, Paperback or Audio edition. Check for lowest price here...
Lloyds Banking Group represents the biggest financial services consortium in the United Kingdom. As a financial services provider that concentrates on business and retail clients, they count millions of customers throughout the country. They have a presence in practically every community of the U.K.
Part of the impressive size and strength of Lloyds Banking Group centers on its major household name brands. Among the most important of these are Lloyds Bank, Bank of Scotland, Halifax, and Scottish Widows.
The main businesses of the Lloyds Banking Group help it to touch so many customers in their daily lives. They provide retail, business, and corporate banking. The group also delivers general and life insurance. They provide investment opportunities and pension plans as well.
The shares of the Lloyds Banking Group trade on the London Stock Exchange as well as the New York Stock Exchange. The company is one of the biggest in the main British stock market benchmark index the FTSE 100. It also ranks among the largest banks in the world.
Lloyds Banking Group also runs the biggest retail bank in the United Kingdom. This was formerly known as Lloyds TSB but is now simply called Lloyds Bank. It claims the highest number of bank branches in the country. This gives them access to a diversified and massive base of customers. It helps them to cross sell products and services so that they are able to offer a total package of financial services and products for their clients. Their mobile, telephone, and digital services are comprehensive.
The history of this leading member in the Lloyds Banking Group, Lloyds Bank, goes back three centuries. Founded in 1765, the bank celebrated its 250 year anniversary back in 2015. This also makes it among the oldest of the largest banks in the world.
Lloyds Bank started its first branch in Birmingham where it operated as a single branch for a hundred years. In the twentieth century, it pursued decades of mergers to grow into first a national and then an international bank. The 1995 merger with TSB changed its name to Lloyds TSB Bank for a time. In the process of its expansion, the bank gained control of the company which invented Travelers Checks, opened the first British ATM machine, and had a foremost part in launching among the first credit cards in the United Kingdom.
Bank of Scotland is headquartered in Edinburgh. It turns out to be the oldest bank in Scotland. The Scottish Parliament founded it in 1695. It has remained a cornerstone of Scottish business since the act created it. The Parliament originally established the bank to increase the trade of Scotland with nearby trading partners. These included neighboring England and the Low Countries (now Belgium, the Netherlands, and Luxembourg).
The Bank of Scotland also claims a number of pioneering firsts in the industry. It became the very first European commercial bank to issue banknotes with success. It continues to do this today. The bank became the first in the U.K. to put in a computer for processing accounts in 1959. In 2009 the bank joined the Lloyds Group.
The banking group also owns the Halifax brand. This is a building society that arose in 1852. A little group set it up in meetings at the Halifax based Old Cock Inn. They created this investment and loan society to benefit the area working people. Individuals with extra money were able to invest it while others could borrow these funds to build or buy their own house. Eventually Halifax grew into the largest building society around the globe. It counts over 18 million customers today.