Lloyds Bank facts for kids
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25 Gresham Street, London
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Formerly
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| Public limited company | |
| Industry | Financial services |
| Founded | 3 June 1765 (Taylors and Lloyds) |
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| Headquarters | 25 Gresham Street, , |
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Key people
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| Products | Banking and Insurance |
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Operating income
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£17.5 billion (2016) |
| £16.6 billion (2016) | |
| Total assets | £436 billion (2016, average interest-earning banking assets) |
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Number of employees
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45,856 |
| Parent | Lloyds Banking Group |
| Subsidiaries | Lloyds Bank International Limited Lloyds Bank (Gibraltar) Limited |
Lloyds Bank plc is a big British bank. It has many branches across England and Wales. It is known as one of the "Big Four" banks in the UK. Lloyds Bank is the largest bank for everyday customers in Britain. It has many branches and ATMs. You can also use its services by phone and online, 24 hours a day.
The bank started in Birmingham in 1765. It grew a lot over the years. In 1995, it joined with the Trustee Savings Bank. From 1999 to 2013, it was called Lloyds TSB Bank plc. In 2009, it became a main part of Lloyds Banking Group. This group was formed when Lloyds TSB bought another bank called HBOS. Lloyds Bank has its main offices in London. It also has offices in Wales and Scotland.
Contents
History of Lloyds Bank
How it Started
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Lloyds Bank began in 1765. A button maker named John Taylor and an iron dealer named Sampson Lloyd started a banking business. It was in Dale End, Birmingham. The first branch outside Birmingham opened in Oldbury in 1864.
The Taylor family stopped being involved in 1852. In 1865, Lloyds & Co. became a bigger company called Lloyds Banking Company Ltd. It joined with other banks. One of these was Barnett, Hoares & Co. in London. This bank later became Lloyds, Barnetts, and Bosanquets Bank Ltd. In 1889, it finally became Lloyds Bank Limited.
Bank Symbols
The first symbol used by Taylors and Lloyds was a beehive. This showed hard work and saving money. In 1822, they put a beehive on their banknotes to show they were real.
The famous black horse symbol came from 1677. A goldsmith and early banker named Humphrey Stokes used it for his shop. When Lloyds took over his bank in 1884, they kept the black horse symbol. The horse is shown in a special way, standing on its back legs.
The green color of Lloyds Bank was added in the 1920s. This helped the bank stand out. Both the black horse and the beehive were used on cheques until the beehive was stopped in the 1920s.
Since 1975, real black horses have been in Lloyds' TV adverts. One famous horse was named Cancara.
Bank Growth
Lloyds Bank grew by joining with many other banks. These included Cunliffe, Brooks in 1900 and the Capital and Counties Bank in 1918. Because of these mergers, Lloyds became one of the "Big Four" banks in the UK. By 1923, Lloyds Bank had taken over about 50 other banks. One of these was the last private bank to print its own money. Today, only the Bank of England can print money in England and Wales.
Some banks that Lloyds bought between 1865 and 1923 had connections to the slave trade. For example, one bank helped finance coffee farms in Brazil that used enslaved people for labor.
In 1968, Lloyds tried to join with Barclays and Martins Bank. But the government stopped it. They said it would not be good for the public. In 1972, Lloyds Bank helped start the Access credit card. This card is now known as MasterCard. That same year, Lloyds also launched Cashpoint. This was the first cash machine to use plastic cards with a magnetic stripe. Many people in the UK still call ATMs "Cashpoints."
Between 1984 and 1997, Sir Brian Pitman led the bank. He focused on making the bank more valuable for its owners. The bank also reduced its overseas businesses. It tried to grow by joining with other UK banks. In 1986, Lloyds Bank International joined with the main Lloyds Bank. In 1988, Lloyds combined some of its businesses with the Abbey Life Insurance Company. This created Lloyds Abbey Life.
Lloyds TSB Era
The bank joined with the Cheltenham & Gloucester Building Society. Then, in 1995, it merged with the TSB Group. The Cheltenham & Gloucester deal gave Lloyds a big part of the UK home loan market. After the TSB merger, the new bank started trading in 1999. It was called Lloyds TSB Bank plc. This new bank became the largest bank in the UK by how many customers it had. Lloyds kept its black horse symbol, but it was updated for the TSB merger.
In 1999, the group bought the Scottish Widows Fund. In 2001, Lloyds TSB tried to buy Abbey National. But the government stopped this too. They said it would not be good for the public.
In 2011, Lloyds TSB's credit rating was lowered. This happened because the government changed its policy. It wanted to reduce how much support it gave to banks. Lloyds TSB was also an official partner for the 2012 Summer Olympics in London.
Changes and Return to Lloyds Bank
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After the 2008 financial crisis, the UK government bought a large part of Lloyds Banking Group. Because of this, the European Union said the group had to sell some of its business.
In 2013, some Lloyds TSB branches in England and Wales were combined with other branches. They formed a new bank called TSB. This new TSB bank started operating on September 9, 2013. It was later sold and is now owned by Banco Sabadell. The rest of the business went back to being called Lloyds Bank on September 23, 2013.
In 2014, the bank said it would cut 9,000 jobs. It also planned to close some branches. This was because more customers were using online banking. In 2016, the bank announced it would cut 3,000 more jobs. This was due to economic problems after the UK voted to leave the European Union.
In January 2017, the bank's online services had problems. A hacker claimed to be responsible for the attack. In March 2017, the British Government sold its remaining shares in Lloyds Banking Group.
Bank Services
Lloyds Bank offers many banking and financial services. It has about 1,300 branches in England and Wales. Branches in Jersey, Guernsey, and the Isle of Man are run by Lloyds Bank International Limited. Lloyds Bank (Gibraltar) Limited operates in Gibraltar. Both of these are part of Lloyds Bank.
Lloyds Bank follows rules set by the Prudential Regulation Authority and the Financial Conduct Authority. It is also part of groups that protect customers, like the Financial Ombudsman Service.
The Lloyds Bank Foundation helps local and national charities. These charities work to help people in need across England and Wales. There are also separate foundations for Scotland, Northern Ireland, and the Channel Islands.
Overseas Operations
Lloyds Bank started to expand overseas in 1911. By 1985, it had offices in 45 countries. These included places from Argentina to the United States.
Lloyds Bank International joined with the main Lloyds Bank in 1986. Since 2010, the name has been used for the bank's services outside the UK.
Images for kids
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The logo of Lloyds Bank.
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The Lloyds TSB headquarters building in London.
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The Lloyds TSB logotype, used from 1995–2013.
