Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
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Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
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The information in this preliminary
prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the
Securities and Exchange Commission and has become effective. This preliminary prospectus supplement and the accompanying prospectus are
not an offer to sell nor are they soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Filed pursuant to Rule 424(b)(2)
Registration No. 333-287829

<div align='center'>Subject to Completion
Preliminary Prospectus Supplement dated October 28, 2025</div>

PRELIMINARY PROSPECTUS SUPPLEMENT
(to prospectus dated June 6, 2025)

<div align='center'>Lloyds Banking Group plc

$ % Senior Callable Fixed-to-Fixed Rate Notes due 2031

$ %
Senior Callable Fixed-to-Fixed Rate Notes due 2036

$ Senior Callable Floating Rate Notes due 2031</div>

The % senior
callable fixed-to-fixed rate notes due 2031 (the “2031 Fixed Rate Notes”) will mature on November ,
2031. The 2031 Fixed Rate Notes will bear interest from, and including, November , 2025 to, but excluding, November ,
2030 (the “2031 Fixed Rate Notes Reset Date”) at a fixed annual rate of %, payable semi-annually
in arrear, on May and November of each year, commencing on May ,
2026. From, and including, the 2031 Fixed Rate Notes Reset Date, the 2031 Fixed Rate Notes will bear interest at a fixed annual rate equal
to the applicable U.S. Treasury Rate (as defined herein) as determined by the Calculation Agent (as defined herein) on the 2031 Fixed
Rate Notes Reset Determination Date (as defined herein), plus %, payable semi-annually in arrear, on May ,
2031 and November , 2031. We will have the option in our sole discretion (but subject to, if and to the extent
then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant
Regulator granting us permission) to redeem, in whole, but not in part, the 2031 Fixed Rate Notes on November
, 2030 at a redemption price equal to 100% of the principal amount of the 2031 Fixed Rate Notes being redeemed plus accrued and unpaid