Lloyds Bank International
| File:Lloyds Bank International.png | |
| Company type | Corporation |
|---|---|
| Industry | Banking Financial services |
| Founded | 1983 |
| Headquarters | St. Helier , Jersey |
Area served | Global |
| Products | Retail banking Commercial banking |
| Parent | Lloyds Bank |
| Website | http://international.lloydsbank.com/ |
Lloyds Bank International is a subsidiary of Lloyds Bank plc and is responsible for a range of overseas operations (outside of the United Kingdom). It forms part of the Lloyds Banking Group plc[1] which is one of the largest banking groups in Europe.
Business names
The Lloyds Bank International brand has formerly been used to represent some overseas operations that have since been sold to other financial institutions:
- In October 2013 Westpac announced that it was to acquire Lloyds Banking Group’s Australian asset finance business, CFAL, and its corporate loan portfolio, BOSI, for $1.45 billion. This followed Lloyds’ decision to focus on its UK business.[2] From 1 January 2014 on completion of the deal the Lloyds International brand was officially absorbed into the Wespac brand.[3]
- In April 2013 Lloyds agreed to sell its Spanish operation to Banco Sabadell.[4] For more information on Lloyds Bank International in Spain see Sabadell Solbank S.A.U.
After the takeover of HBOS by Lloyds TSB all former Halifax and Bank of Scotland International customers were transferred to Lloyds Bank International in July 2012. Additionally, In 2014, the Dutch branch of Bank of Scotland transitioned to the Lloyds Bank name.
History
Europe
1911 saw the formation of Lloyds Bank (France) when Lloyds Bank acquired Armstrong and Co., based in Paris and Le Havre. From 1917 it was run jointly as Lloyds and National Provincial Bank. In 1955, Lloyds Bank bought full ownership and it became Lloyds Bank (Foreign) and later Lloyds Bank Europe.[5]
Bank of London and South America
A strong connection with South America began in 1918 with the acquisition of the London and River Plate Bank. The later merger with the London and Brazilian Bank resulted in the Bank of London and South America. The Bank of London and Montreal was a joint venture between the Bank of London and South America and the Bank of Montreal. In 1971, Lloyds Bank bought the controlling interest in BOLSA and merged it with Lloyds Bank Europe to form Lloyds and Bolsa International Bank. This became Lloyds Bank International in 1974 and was merged into Lloyds Bank in 1986.
National Bank of New Zealand
In 1872, the National Bank of New Zealand was founded in London as an overseas bank and shared many directors with Lloyds Bank. In 1919, Lloyds Bank acquired a small interest in the National Bank and in 1966, purchased it outright. In 1978, the National Bank moved its head office from London to Wellington.[6]
An already commanding presence as the National Bank of New Zealand was further strengthened in 1994 by the takeover of the Rural Bank, the former New Zealand government owned bank, from Fletcher Challenge, making it the leading provider of agricultural finance in the country.
In 2003, Lloyds TSB sold the National Bank to the Australia and New Zealand Banking Group. In 2013, ANZ announced that the National Bank brand (including the black horse and colour green) would be phased out.
Asia
In 1961, Lloyds Bank transferred its Eastern Division to National and Grindlays Bank in exchange for a 25 per cent share in National and Grindlays Bank (renamed Grindlays Bank in 1975). The bank retained its interest in Grindlays until 1984, when it was sold to the ANZ Banking Group.
North America
The Bank of London and Montreal was a joint venture between the Bank of London and South America and Canadian Bank of Montreal established in 1958 and headquartered in Nassau, Bahamas. In 1970, BOLSA fully acquired BOLAM.
Lloyds Bank of Canada was formed in 1986, when the bank purchased the Continental Bank of Canada. In 1990, after several years of losses, Lloyds Bank sold its Canadian operations to the Hong Kong Bank of Canada, a subsidiary of HSBC Holdings plc.
References
- ^ Companies house
- ^ Lloyds agrees to sell Australian assets to Westpac
- ^ Westpac completes $1.45b Lloyds lending book buy
- ^ "Lloyds to sell Spanish retail division to Sabadell". BBC News. 29 April 2013. Retrieved 29 April 2013.
- ^ Lloyds Bank Europe The Royal Bank of Scotland Group (retrieved 11 October 2008)
- ^ National Bank of New Zealand About ANZ National (retrieved 11 October 2008)