Lloyds Banking Group Profile
Lloyds Banking Group plc provides financial services to individual and business customers primarily in the United Kingdom (U.K.).
The company’s main business activities are retail and commercial banking and long-term savings, protection and investment. Services are offered through various brands, including Lloyds Bank, Halifax (Halifax plc), Bank of Scotland and Scottish Widows; and through a range of distribution channels, including the major branch network and digital bank in the U.K.
Segments
The company operates through three segments: Retail, Commercial Banking, and Insurance and Wealth.
Retail
This segment provides banking, mortgages, personal loans, motor finance, credit cards and other financial services to personal and small business customers. This segment offers a range of financial service products to personal and business banking customers, including current accounts, savings, mortgages, credit cards, unsecured loans, motor finance and leasing solutions. This segment operates a multi-brand and multi-channel strategy.
Commercial Banking
This segment provides banking and related services to business clients, from small and medium-sized entities to large corporates. This segment provides clients with a range of products and services, such as lending, transaction banking, working capital management, risk management and debt capital markets.
Insurance and Wealth
This segment provides long-term savings, protection and investment products, as well as general insurance products. The company supports over 10 million customers. This segment continues to invest significantly in the development of the business, with the intention of capturing the considerable opportunities in pensions and financial planning, whilst meeting more of customers’ financial needs and improving their financial resilience throughout their lifetime.
Other
Other comprises Central items, which include income and expenditure not attributed to divisions, including residual net interest income after transfer pricing (including the central recovery of the company’s distributions on other equity instruments), in period gains from gilt sales and the unwind of associated hedging costs, as well as its equities business, including Lloyds Development Capital Limited.
Strategy
The company’s strategic priorities include leading customer experience, digitizing the company, maximizing its capabilities, and transforming ways of working.
History
The company was founded in 1695. It was formerly known as Lloyds TSB Group plc and changed its name to Lloyds Banking Group plc in 2009. The company was incorporated as a public limited company and registered in Scotland under the UK Companies Act 1985 in 1985.
