Lloyds tsb ownership8/7/2023 ![]() He returned to work in January 2012 fighting fight and ready to begin his work at restructuring the lender. In November Horta-Osorio decided to take leave of absence after the bank’s struggles took its toll. The bank’s total bill has since topped £17bn. He was then faced with the bank’s first provision for payment protection insurance of £3.2bn in May that year. In March 2011, Horta-Osorio took over the reins. ![]() In September 2010, chief executive Eric Daniels surprised the city by announcing he would step down and the bank poached Santander’s UK head Horta-Osorio. In April 2010, Lloyds revealed in its quarterly results that it had returned to profit for the first time since the banking crisis. Two months later the government piled in a further £1.5bn, followed by another £5.8bn injection in December, taking its stake to 43%. In March the same year, Sir Victor Blank was ousted as chairman after the bank revealed £11bn of losses at HBOS. At this point the government started the first of a three-tranche bailout by injecting £13bn into the bank. ![]() Lloyds Banking Group was subsequently formed by the combination of HBOS and Lloyds TSB in January 2009. In September 2008, Lloyds TSB paid £12bn to buy HBOS as its share price plunged following the collapse of the Lehman Brothers, which is thought to have played a major role in the unfolding of the financial crash.Ī month later, the government announced a bailout of banks as the financial crisis hit.Īt the same time, Lloyds TSB renegotiated its takeover of HBOS to 0.605 Lloyds TSB shares for every one HBOS share, from 0.833 a month earlier. That would explain why he took three months of leave due to “fatigue” after barely six months in the role. Horta-Osorio joined Lloyds in 2011, helping to mend the bank by cutting costs, offloading toxic loans and tackling its payment protection insurance mis-selling scandal.īy taking on the top job at Lloyds, Horta-Osorio had a big task in turning around the bank’s fortunes. Thanks to the hard work of everyone at Lloyds, we’ve turned the group around." Woodford said Lloyds is a "well-managed bank with a conservative approach to its balance sheet" and a growing level of dividends.Ĭhief executive Antonio Horta-Osorio said in a statement today: “Six years ago we inherited a business that was in a very fragile financial condition. The investment marked a return of banks to Woodford's portfolio for the first time in 14 years, aside from a brief flirtation with HSBC in 2014. Star fund manager Neil Woodford is among the investors, having last week revealed that his Woodford Investment Management business bought a stake in Lloyds. The Treasury has now sold its remaining shares with proceeds amounting to £894mln more than it paid for its stake. The government had pumped in a total of £20.3bn to rescue the bank during the height of the financial crisis, buying up a 43% stake. Lloyds Banking Group plc ( LON:LLOY) has returned to private ownership following a successful turnaround under Antonio Horta-Osorio’s leadership but the bank has had a rocky road to recovery.
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