Lloyds Banking Group is the UK's biggest banking business by customer accounts, operating under multiple brands including Lloyds, Halifax and Bank of Scotland. It was created in 2009 by the government-brokered merger of what was then Lloyds TSB with failing rival HBOS. That 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 team 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.
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Lloyds Banking Group website
|Lloyds TSB||Scottish Widows|
|Bank of Scotland||Clerical Medical|
Recent stories from Adbrands Weekly Update:
Adbrands Weekly Update 12th Apr 2018: In the UK, ad executive Richard Warren - formerly the W in DLKW Lowe - is moving client-side to become director of marketing & communications at Lloyds Banking Group under CMO Catherine Kehoe. Warren stayed with Lowe's London outpost following its rebrand to MullenLowe, before moving to WPP last year to lead Greenhouse, GroupM's Lloyds-dedicated media unit. Warren's relationship with Lloyds' brands dates back more than a decade. DLKW was for years the lead creative agency for Halifax before the account moved to A&E DDB.
Adbrands Weekly Update 5th Apr 2018: Ads of the Week: "The Running of the Horses". Call us hard-hearted but we feel Adam&Eve DDB's latest for Lloyds Bank overplays its sentimentality and its determinedly all-inclusive community spirit. Too many boxes ticked without any particular new wrinkle to the overall concept, other than scale. Previous campaigns added a different angle by introducing an individual black horse - Lloyds' long-standing brand mascot - to everyday settings like a hospital or a funeral. This time, A&E go all-in with a whole stable for an equine re-enactment of Chariots of Fire. Only the Vangelis music is missing. It looks spectacular of course, especially that final 30 seconds, thanks to masterful CGI we assume. But somehow there's something lacking; or maybe it's just too much of too much.
Adbrands Weekly Update 22nd Feb 2018: There were mixed results so far for British banks. Lloyds Banking Group celebrated what it called a "landmark year" with net profit up 41% to £3.5bn, despite setting aside another £1.65bn to settle complaints of PPI mis-selling. Total provisions for PPI now total £18.7bn. Total income rose 6% to £18.5bn. HSBC wrote off almost $1.8bn against loans to collapsed UK construction company Carillion and South African retail group Steinhoff and other provisions, and also warned it could face more than $1.5bn in fines for money laundering and tax evasion in its private banking division. Yet even with those exceptional items, net profit more than tripled to $11.9bn on revenues up 11% to $49.7bn. Barclays reported pretax profit of £3.5bn, up 10%, on revenues down 2% to £21.1bn. However US tax reforms and a large loss on the sale of its ABSA division in Africa resulted in a net loss of £1.9bn.
Adbrands Weekly Update 13th Apr 2017: Ads of the Week: "By Your Side". In a big nod towards Brexit worries, Adam&Eve DDB's handsome new campaign for Lloyds Bank follows in the footsteps of its predecessor, with a montage representing moments of great personal and social change through British history. Don't worry, we're still here, says Lloyds, with help from its long-running black horse brand mascot and some lustrous photography. Nice to hear Camille Yarborough's Praise You "straight" again, without Fatboy Slim & Spike Jonze's pavement performance art crew. This is a new version from Hannah Grace.
Adbrands Weekly Update 23rd Feb 2017: There were winners and losers among British banks, all reporting this week. The clear winners are Lloyds and Barclays. With the worst of their regulatory problems and PPI provisions now in the rear mirror, and their respective commercial banking businesses reaping the rewards of the post-Trump boom, both saw dramatic improvements in performance, at least on paper. Lloyds' statutory net profits more than doubled to £2.5bn, though total income slipped back to £17.3bn. Barclays did even better, with net profit soaring to £1.6bn, compared to a £394m loss in 2015, on revenues down slightly to £21.5bn. The biggest contributor to profitability in both cases was a sharp fall in provisions for conduct and litigation charges. By contrast, the losing side was represented by HSBC and RBS. Divestments and slowing growth in Hong Kong and the UK caused HSBC's revenues to fall to $59.84bn, their lowest level since 2004. Impairments, losses on those divestments and high tax charges prompted net profit to plunge by 77% to $3.45bn. RBS results are out tomorrow and are expected to show another huge loss, marking the struggling bank's 9th consecutive year in the red. A huge provision for mis-sold US mortgage securities resulted in a deficit of as much as £7bn.
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