1917027 Cassandra Jane

Lloyds bank is one of the oldest banks in United Kingdom. Lloyds was founded in the year
1765 in Birmingham a button maker John Taylor and Iron producer Sampson Lloyd II.
Through a lot of mergers, Lloyds bank became one of the big four banks in UK. The bank
merged first with the Cheltenham & Gloucester Building Society (C&G). The C&G acquisition
gave Lloyds a large stake in the UK mortgage lending market. Then Lloyds merged with the TSB
group in 1995 and was renamed Lloyds TSB Group. The TSB merger was structured as a
reverse takeover. TSB Bank Scotland absorbed Lloyds' three Scottish branches becoming
Lloyds TSB Scotland.  The combined business formed the largest bank in the UK by market share
and the second-largest to Midland Bank.

In 1999, the group agreed to buy the Scottish Widows Fund and Life Assurance Society for £7
billion. In 1999, the group agreed to buy the Scottish Widows Fund and Life Assurance Society
for £7 billion.  In September the same year, Lloyds TSB purchased Chartered Trust
from Standard Chartered Bank for £627 million to form Lloyds TSB Asset Finance Division, which
provides motor, retail and personal finance in the United Kingdom under the trading name
Black Horse. In October 2003, Lloyds TSB Group agreed on the sale of its subsidiary NBNZ
Holdings Limited, comprising the Group's New Zealand banking and insurance operations
to Australia and New Zealand Banking Group. In July 2004, Lloyds TSB Group announced the
sale of its business in Argentina to Banco Patagonia Sudameris S.A and its business in Colombia
to Primer Banco del Istmo, S.A..
On 20 December 2005, Lloyds TSB announced that it had reached an agreement to sell its credit
card business Goldfish to Morgan Stanley Bank International Limited for £175 million. In 2007,
Lloyds TSB announced that it had sold its Abbey Life insurance division to Deutsche Bank for
£977 million.
After the 2008 rescue of HBOS, Lloyds TSB Group changed its name to Lloyds Banking Group
upon completion of the takeover on 19 January 2009. One of the key issues concerned Lloyds'
takeover of HBOS and the amount of due diligence carried out before the acquisition. On 13
February 2009, Lloyds Banking Group said that the losses at HBOS were greater than had been
anticipated, at around £10 billion. The share price of Lloyds Banking Group fell 32% on
the London Stock Exchange, carrying other bank shares with it. On 13 October 2008, Prime
Minister Gordon Brown announced a government plan for the Treasury to invest £37 billion
(US$64 billion, €47 billion) of new capital into major UK banks—including Royal Bank of
Scotland Group, Lloyds TSB and HBOS—to avert a collapse of the financial sector.
Barclays avoided taking a capital investment from the UK Government by raising capital
privately and HSBC moved capital to its UK business from its other businesses overseas. After
the recapitalisations and Lloyds' acquisition of HBOS, the UK Government held a 43.4% stake in
Lloyds Banking Group.
Lloyds impairments peaked in the first half of 2009; by mid-2009 the Asset Protection Scheme
increasingly looked like a poor deal for Lloyds. On 4 November 2012, it was reported that Lloyds
was considering selling its 60% stake in St James's Place Wealth Management to raise around
£1 billion. In April 2013, Lloyds sold its loss-making Spanish retail operation—originally Banco
Halifax Hispania—and the local investment management business in Spain to Banco de
Sabadell.