Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 175

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 175
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 of the TSB Group prior to the merger, and its subsidiary Hill Samuel
Bank Limited were vested in Lloyds TSB Bank plc, and in 2000, Lloyds TSB Group acquired Scottish Widows. In addition to already being
one of the leading providers of banking services in the U.K., the acquisition of Scottish Widows also positioned Lloyds TSB Group as one
of the leading suppliers of long-term savings and protection products in the U.K.

The HBOS Group had been formed in September 2001
by the merger of Halifax plc and Bank of Scotland. The Halifax business began with the establishment of the Halifax Permanent Benefit
Building Society in 1852; the society grew through a number of mergers and acquisitions including the merger with Leeds Permanent Building
Society in 1995 and the acquisition of Clerical Medical in 1996. In 1997 the Halifax converted to plc status and floated on the London
stock market. Bank of Scotland was founded in July 1695, making it Scotland’s first and oldest bank.

On September 18, 2008, with the support of the
U.K. Government, the boards of Lloyds TSB Group plc and HBOS plc announced that they had reached agreement on the terms of a recommended
acquisition by Lloyds TSB Group plc of HBOS plc. The shareholders of Lloyds TSB Group plc approved the acquisition at the Company’s
general meeting on November 19, 2008. On January 16, 2009, the acquisition was completed and Lloyds TSB Group plc changed its name to
Lloyds Banking Group plc.

Pursuant to two placing and open offers which
were completed by the Company in January and June 2009 and the Rights Issue completed in December 2009, the U.K. Government acquired 43.4%
of the Company’s issued ordinary share capital. Following sales of shares in September 2013 and March 2014 and the completion of
trading plans with Morgan Stanley & Co. International plc, the U.K. Government completed the sale of its shares in May 2017, returning
the Group to full private ownership.

Pursuant to its decision approving state aid to
the Group, the European Commission required the Group to dispose of a retail banking business meeting minimum requirements for the number
of branches, share of the U.K. personal current accounts market and proportion of the Group’s mortgage assets. Following disposals