Lloyds Banking Group is the second oldest financial institution in the UK. They can trace their roots back to 1695 when they were founded by the Scottish Parliament. They are listed on both the London Stock Exchange and the New York Stock Exchange.
Lloyds Banking Group is a typical example of a large financial institution operating on the world stage today. Fintech Reviews brings you a little of its history and a look at what’s coming next for the banking giant.
As noted above, Lloyds Banking Group goes back a long way. However, a lot of their most notable growth has taken place in the last 10 years or so. They acquired TSB in 2005 to become Lloyds TSB. The next big takeover occurred in 2008 when they took on HBOS, which meant the company then held a third of UK mortgages.
The black horse logo was adopted in 1884 from a goldsmith called Barnetts, Hoares & Co. Goldsmiths were the forerunners of modern banks and used symbols to identify their businesses to a largely illiterate public.
Lloyds Banking Group have a retail banking arm that covers most of the major services expected by customers including current accounts, loans, credit cards, personal finance, ISAs, share dealing and travel services. They also have a commercial branch as well as departments dealing with pensions and investments.
The next step for Lloyds Banking Group is to go on the road. They have teamed up with UK security company G4S to create mobile banking vans. This is in response to the closure of many local branches throughout the UK. More than 1,000 branches have closed in the last two years. Many believe this is as a result of the rise of internet banking.
G4S already transport money securely around the world for retailers and financial institutions. They employ more than 585,000 staff in 100 countries. They will provide the mobility and Lloyds will place a staff member in each van to provide banking services. Lloyds Banking Group hope to have 20 such vans operating by the end of the year. They have already run a successful pilot scheme in Scotland.
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