Lloyds Banking Group plc
Lloyds Banking Group is a British financial institution, headquartered in London. The group has extensive overseas operations in the USA, Europe, the Middle East and Asia; its activities are organised into:
- Retail Banking (including Mortgages and Sole Traders);
- Life, Pensions & Insurance;
- Wealth & International
- 5.05% Natixis SA § Harris Associates LP
- 2.94% Vanguard Group Inc
- 2.40% Norges Bank Investment Management
- 2.38% Legal & General Investment Management Ltd
- 2.33% BlackRock Fund Advisors
- 1.73% Artisan Partners LP
- 1.68% Hargreaves Lansdown Stockbrokers Ltd
- 1.67% Longview Partners LLP
- 1.52% Mondrian Investment Partners Ltd
- 1.49% Schroder Investment Management Ltd
- Lloyds Banking Group plc
- Lloyds Bank plc (100%)
- HBOS plc (100%)
- Bank of Scotland plc (100%)
- HBOS plc (100%)
- LBG Equity Investments Ltd, was Lloyds Bank plc, OC
- Uberior Investments Ltd, investment company,
- 90%: Housing Growth Partnership GP LLP, GP to Small Authorised UK AIFM
- 50%: Housing Growth Partnership LP, LP to Small Authorised UK AIFM
- Housing Growth Partnership Manager Ltd, Small Authorised UK AIFM
- Lloyds Development Capital (Holdings) Ltd, investment holdco, OC
- LDC (Managers) Ltd, OC
- LDC (General Partner) Ltd, [OC]
- LDC Centures Trustees Ltd, [OC]
- LDC Ventures Carry Ltd, [OC]
- LDC (Nominees) Ltd, [OC]
- LDC Parallel (Nominees) Ltd, [OC]
- LDC (Asia) Ltd, [OC]
- Lloyds Bank plc (100%)
Bank of Scotland
- Halifax, Website
- Intelligent Finance, Website
- Birmingham Midshires, Website
- Scottish Widows: life insurance, life assurance and pensions. OC, Website
- Bank of Scotland Private Banking, Website
- Bank of Scotland Corporate: Website.arch. In Dec.2010, rebranded as Lloyds Bank Corporate Markets, CH, AR-2018, Website.arch. In 2012, rebranded again as Bank of Scotland Business, Website. See also Lloyds Bank Corporate Markets
- Bank of Scotland Investment Services (2002-2007), Website.arch
- Clerical Medical, a trading name of Scottish Widows Ltd since Apr.2009.ref In Dec.2015, Scottish Widows sold Clerical Medical's business to international offshore life assurance company RL360°,ref,ref part of International Financial Group Ltd. Clerical Medical IFGL, RL360°.
Lloyds Development Capital
LDC is the private equity arm of Lloyds Banking Group. It has completed over 25% more buyouts and expansion deals than any other mid-market private equity firm in the last 10 years. LDC supports management teams from all sectors and in every corner of the UK from its regional network of nine offices. Founded in 1981, LDC has a 35 year track record of success and has invested £4bn in 550+ companies. ref
Agricultural Mortgage Corporation plc
The AMC provides long term mortgages for land and redeveloping farming and rural based businesses. ref
Following the social changes that took place after the WWI, the govt identified a need for long term finance in the agricultural industry to satisfy an investment demand. Banks disliked having farms as securities for mortgages, and were very reluctant to loan on that basis. In short, the Agricultural Mortgage Corporation Ltd was created to provide long-term loans to farmers.
- ToDo: Lloyds Bank Foundation for England and Wales Foundation, ref
- ToDo: Halifax Foundation for Northern Ireland, ref
- ToDo: Lloyds Bank Foundation for the Channel Islands, ref
- Jan.1993: Lloyds Bank acquired the balance of the share capital from the Bank of England, Barclays Bank, Midland Bank, National Westminster Bank and the Royal Bank of Scotland.ref,p.10 As a condition of the sale, it continues to run the organisation as an independent company under its own name.ref
- Jun.1991: The AMC was deregulated in preparation for privatisation. ref, ref (Agriculture and Forestry (Financial Provisions) Act 1991).
- Prior to 1991, AMCs activities were constrained by statute.
- Nov.1928: The AMC was set up by statute.ref,ref It was jointly owned by the main clearing banks, Bank of England, Barclays Bank, Midland Bank, National Westminster Bank and the Royal Bank of Scotland. (Agricultural Credits Act 1928).
- After World War I, there was a crisis in farming, with too few people owning land. The govt identified a need for long term finance in the agricultural industry to satisfy an investment demand. Banks disliked having farms as securities for mortgages, and were very reluctant to loan on that basis.ref In short, the Agricultural Mortgage Corporation Ltd was created provide long-term loans to farmers. Statutory restrictions were imposed on activities and on the type of loans that could be offered.ref
- Bank of Scotland plc
- HBOS Australia
- HBOS Insurance & Investment Group Ltd, the group's insurance division
- Jan.2009: Lloyds TSB acquired the HBOS group, which was then folded into Lloyds Banking Group.
- 2001: HBOS was formed by the merger of Halifax plc and the Bank of Scotland.ref Halifax plc was transferred to the Bank of Scotland, now a registered public limited company, Bank of Scotland plc. (HBOS Group Reorganisation Act 2006)
- 1997: Halifax demutualised and floated.
- LLoyds Bank Ltd amalgamated with the Capital & Counties Bank Ltd.ref
- Nov.17.2018: Call for police investigation into Lloyds over HBOS fraud. Lloyds Banking Group should face a criminal investigation over a whistleblower’s report into a fraud centred on the Reading offices of HBOS, according to the Thames Valley police commissioner. Harry Wilson, The Times.
- May.18.2018: Lloyds faces shareholder revolt as CEO's pay is 95 times that of average worker. António Horta Osório took home a pay package of £6.4m in 2017, up 11% from 2016. The advisory group Institutional Shareholders Services has recommended a vote against the bank’s remuneration report at the annual general meeting on 24 May, highlighting discrepancies between “pay and relative performance”. Glass Lewis, another shareholder advisory firm, has recommended a vote in favour of the remuneration report. The Guardian.
- Apr.01.2018: Lloyds Banking Group delays mortgage book sale amid vulture fund backlash. Plans by the Lloyds Banking Group to sell its remaining €5bn Irish mortgage portfolio have been delayed by bitter political and public opposition to the transfer of performing home loans to unregulated debt funds. Lloyds inherited the Irish mortgage book when it took over Halifax Bank of Scotland a decade ago as part of a rescue agreement that was organised by the British govt at the height of the financial crisis. Although the mortgage portfolio is substantially performing, it is being marketed by Lloyds as “yield impaired” because it comprises mostly low-yield tracker mortgages. It has already sold most of its non-performing Irish residential mortgages, including buy-to-let loans, in 3 separate lots in 2014. Apollo Global management, Line Star, Goldman Sachs and CarVal. Niall Brady, The Times.
- Mar.08.2018: Lloyds TSB ‘bent own auditor rules’. Lloyds TSB agreed to “remove” £800,000 of fees due to be paid to PwC from its 2008 accounts in order to avoid breaching internal rules governing auditor independence. The effectiveness and independence of auditors is in the spotlight after the collapse of Carillion. Correspondence revealed during disclosure in a £55mn court case involving a car dealership, Lloyds and PwC indicates that the bank agreed effectively to move the goalposts in order to provide more "headroom" for its turnaround unit to continue to use the auditor for non-audit work. The liquidators of Premier Motor Auctions allege that Lloyds' Business Support Unit (BSU) conspired with PwC to remove the company’s founder, Keith Elliott, as part of a plot to allow the bank's private equity unit to acquire a stake in the business. The claims are strenuously denied by Lloyds and PwC. James Hurley, The Times.
- Mar.05.2018: Fraudster’s yacht sold in bid to recoup HBOS losses. The luxury yacht owned by David Mills, ringleader of a group of convicted fraudsters behind the £245m HBOS Reading scandal has been sold as officials begin to sell off their ill-gotten gains. Police and prosecutors are still trying to track down millions of pounds siphoned off by the conspirators. (See Comments section) Harry Wilson, The Times.
- Corporate Political Engagement Index 2018. The new index of 104 multi-national companies, many of whom regularly meet with govt, has found nearly 75% are failing to adequately disclose how they engage with politicians. Only one company received the highest grade, with the average grade being "E" – representing poor standards in transparency. Transparency International UK, Nov.2018.