Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
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Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
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 June 10, 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 2029

$ Senior
Callable Floating Rate Notes due 2029

$ %
Fixed Rate Reset Dated Subordinated Tier 2 Notes due 2036</div>

The % senior
callable fixed-to-fixed rate notes due 2029 (the “Senior Fixed Rate Notes”) will mature on June , 2029.
The Senior Fixed Rate Notes will bear interest from, and including, June , 2025 to, but excluding, June
, 2028 (the “Senior Fixed Rate Notes Reset Date”) at a fixed annual rate of %, payable
semi-annually in arrears, on June and December of each year, commencing on
December , 2025. From, and including, the Senior Fixed Rate Notes Reset Date, the Senior Fixed Rate Notes will
bear interest at a fixed annual rate equal to the Senior Fixed Rate Notes U.S. Treasury Rate (as defined herein) as determined by the
Calculation Agent (as defined herein) on the Senior Fixed Rate Notes Reset Determination Date (as defined herein), plus
%, payable semi-annually in arrears, on December , 2028 and June , 2029. 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
Senior Fixed Rate Notes on June , 2028 at a redemption price equal to 100% of the principal amount of the Senior
Fixed Rate Notes being redeemed plus accrued and