Lloyds Banking Group (UK)

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Lloyds Banking Group was created in 2009 by the government-brokered merger of what was then Lloyds TSB with failing rival HBOS. It followed a quiet few years for Lloyds TSB in which that once-mighty bank had been overtaken on the global stage by a succession of more aggressive domestic rivals. The opportunity to double in size through the acquisition of HBOS seemed heaven-sent at the time, but the process was to prove far more challenging than either the government or Lloyds TSB's management had anticipated. The gathering pace of the global financial crisis was such that Lloyds TSB required government assistance to complete the takeover, and hurried due diligence failed to anticipate the true scale of HBOS's appalling financial problems, which continued to bleed red ink throughout the year following the merger. Despite a massive cash call to investors, Lloyds remained dependent on the support of the British Treasury, which had acquired 41% of its equity. Those shares finally began to be sold in 2015. In addition, in recompense for the state aid it had received, Lloyds was forced to spin off part of its retail estate into what is now the entirely separate TSB Bank. The remaining group is still the UK's biggest banking business, operating under multiple brands including Lloyds, Halifax and Bank of Scotland.

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Lloyds TSB Scottish Widows
Halifax C&G
Bank of Scotland Clerical Medical

Recent stories from Adbrands Weekly Update:

Adbrands Weekly Update 22nd Dec 2016: Lloyds Banking Group secured a deal to acquire Bank of America's UK credit card division MBNA for £1.9bn. That business has assets of around £7bn, and will increase revenues in Lloyds' already substantial credit card business by around £650m a year. Though MBNA will be kept as a separate operating unit, it will increase Lloyds' overall share of the UK credit card market by 11% to 26%, narrowly behind Barclaycard at around 28%.

Adbrands Weekly Update 24th Nov 2016: Lloyds Banking Group has overtaken private equity fund Cerberus as frontrunner to acquire Bank of America's substantial UK credit card division, which still operates under the MBNA banner. If a deal takes place, it will be Lloyds' first acquisition in the seven years since it was bailed out by the UK Government following its disastrous takeover of HBOS. That resulted in a ban on any further expansion while the group remained under state ownership. However the Government has now shed most of its stake, and plans to unload the remaining 10% of equity into the market over the next few weeks. That would allow Lloyds to push ahead with this and other acquisitions. A deal for MBNA would increase Lloyds' share of the UK credit card market to around 26%, just behind market leader Barclaycard at 28%. That may prompt regulators to demand divestiture of some accounts.

Adbrands Weekly Update 10th Mar 2016: Ads Of The Week: "For Your Next Step". Adam&Eve DDB shows yet again why it's London's reigning creative powerhouse with this superb campaign for Lloyds Bank; its first since winning the overall account from RKCR/Y&R. This film ticks every emotional box without being flashy or sentimental. Birth, death, love and (gay) marriage, even a father's fears for his daughter's first day at a new school. And slow motion too, just to put the final cherry on top. Because everything looks better with slow-mo. Lovely.

Adbrands Weekly Update 30th Sept 2015: Few observers will have been surprised by Lloyds Banking Group's decision to consolidate its advertising with Adam&Eve DDB, transferring flagship brand Lloyds Bank from longtime incumbent RKCR/Y&R. A&E already manage the Halifax brand, and got a foothold in the bigger account with a one-off film to celebrate Lloyds' 150th anniversary. The impressive results - a War Horse-style celebration of the bank's long-establish black horse symbol - were far superior to RKCR's most recent run of homely clip compilations for Lloyds. This represents another worrying blow for the once-mighty RKCR/Y&R which has lost four of its most important clients in less than a year: Virgin Atlantic, Vodafone, Land Rover, and now this.

Adbrands Weekly Update 11th Jun 2015: Lloyds Banking Group was issued a record £117m fine by UK regulators for mishandling complaints from consumers over personal protection insurance (PPI). Total fines handed down in connection with PPI now total £24bn, making it one of the most expensive financial scandals in the UK industry, as well as the longest-running, now dating back almost two decades. Virtually all British banks bundled PPI charges into the fees charged to customers for taking out loans without properly explaining the nature of the insurance. As the country's largest mortgage lender, Lloyds was also the biggest culprit. The latest fine reflects the fact that the company also failed to address customers' complaints and attempted to avoid making compensation payments. A new report published this week by UK researcher CCP calculated total litigation costs for the first world's 16 biggest banks between 2010 and 2014 at more than $300bn. Bank of America alone accounted for almost a third of that or $96bn, followed by JP Morgan Chase at $50bn and Lloyds the equivalent of $23bn.

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