Lloyds Banking Group (UK)

Lloyds was one of the first UK financiers to expand its horizons through acquisition, as a result of the capture of the TSB mortgage bank and pensions group Scottish Widows. Those deals made the enlarged Lloyds the country's biggest bank by 2000. After that, however, the group's growth strategy was less successful, and it was gradually overtaken by all its main rivals. Subsequently, Lloyds TSB's enlarged insurance and investments operation was hard hit by global economic turbulence, and it pulled out of the international sector altogether to concentrate on the domestic market. That withdrawal left it well-protected from the credit crisis, originating in the US, which swept the industry from 2007.

As a result, Lloyds was able to pull off a transformational deal in September 2008 designed to re-establish it as the country's biggest bank: the acquisition of failing rival HBOS for around Ł8.6bn. However the gathering pace of the global financial crisis was such that Lloyds TSB required government assistance to pull off the deal, and hurried due diligence arguably failed to anticipate the true scale HBOS's financial problems. These could yet prove to be a significant drain on the merged bank's future prosperity, although Lloyds hopes to reduce pressure on its balance sheet with a massive Ł13.5bn cash call to investors. As a punishment for the state aid it received, EU regulators ruled in 2009 that the merged group must reduce its share of the personal banking and mortgage sectors by 2013.

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Lloyds TSB Group website

Scottish Widows	Alex Lawrie
Cheltenham & Gloucester	Lloyds TSB Asset Finance
Lloyds TSB Insurance

Lloyds TSB International Banking

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