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Lloyds Banking Group is a leading UK based financial services group providing a wide range of banking and financial services, primarily in the UK, to personal and corporate customers.
Lloyds Banking Group was formed in January 2009 following the acquisition of HBOS and Lloyds Banking Group main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision. The new Group also operates an international banking business with a global footprint in over 30 countries.
The Group is the UK's largest retail bank and has a large and diversified customer base. Services are offered through a number of Lloyds Banking Group well recognised brands including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows, Clerical Medical and Cheltenham & Gloucester, and via a unique distribution capability comprising the largest branch network in the UK and intermediary channels.
Lloyds Banking Group is quoted on both the London Stock Exchange and the New York Stock Exchange and is one of the largest companies within the FTSE 100
Purpose and Vision
Lloyds Banking Group purpose is to build deep; lasting customer relationships which help Lloyds Banking Group customers achieve what's important to them. Lloyds Banking Group vision is to be recognised as the best financial services company by shareholders, customers and colleagues. Deep, lasting relationships that help Lloyds Banking Group customers succeed, giving the opportunity to succeed.
For Lloyds Banking Group customers: the combination of both organisations will help us offer the best convenience, choice and expertise.
For Lloyds Banking Group colleagues: the scope and scale of Lloyds Banking Group new company will provide exciting opportunities to grow and develop their career. Lloyds Banking Group people are going to be vital to making Lloyds Banking Group new organisation the best it can possibly be.
For Lloyds Banking Group shareholders: as Lloyds Banking Group look beyond the near term, Lloyds Banking Group believe the strength and size of the Group will offer significant opportunities.
In order to develop an understanding of the views of major shareholders, the board receives regular reports from the group finance director and the director of investor relations.
The chairman, the group chief executive and the group finance director also have meetings with representatives of major shareholders and the senior independent director also attends some of these meetings. In addition, all directors are invited to attend investment analysts' and stockbrokers' briefings on the financial results.
All shareholders are enc Lloyds Banking Group aged to attend and participate in the Group's annual general meeting.
Internal and External Audit
(a) Monitor and review the effectiveness of the Group's internal audit function in the context of the Group's overall risk management system;
(b) Approve the appointment or dismissal of the Group Audit Director;
(c) Review the internal audit programme and ensure that the internal audit function is adequately res Lloyds Banking Group and has appropriate access to information and standing within the Group; and
(d) Consider the major findings of any significant internal audit escalated to the committee by the Group Audit Director, and consider management's response to Internal Audit's recommendations.
The Group's Relationship with its External Auditors
(a) Make recommendations to the Board, to be put to shareholders for approval at the Annual General Meeting, on the appointment, reappointment and removal of the external auditor. The Audit Committee shall oversee the process for selecting the external auditor;
(b) Oversee the relationship with the external auditor, including:
approving the terms of engagement of the external auditor, including the remuneration to be paid;
assessing the external auditor's effectiveness, independence and objectivity, ensuring that key partners are rotated at appropriate intervals;
approving the provision of non-audit services by the external auditor and the related remuneration;
agreeing with the Board a policy on the employment of former employees of the Group's auditor, and monitoring the implementation of this policy;
(c) Review and approve the annual audit plan, and ensure that it is consistent with the scope of the audit engagement, and co-ordinated with the activities of the Internal Audit function;
(d) Discuss with the external auditor, before the audit commences, the nature and scope of the audit and review the auditor's quality control procedures and steps taken by the auditor to respond to changes in regulatory and other requirements;
(e) Review the findings of the audit with the external auditor, considering the external auditor's management letter and management's response to the auditor's findings and recommendations; and
(f) Review such reports prepared by the external auditor as the Audit Committee shall require, considering management's response to any major external audit recommendations;
Here are some of Lloyds Banking Group highlights:
More than 3,000 branches across the UK
A network of over 6,800 free to use UK cash machines
The largest provider of social banking accounts and a substantial supporter of the community finance sector.
Employ over 120,000 people in the UK, most of whom live and work in the same community
One of the UK's largest community investors
£4.5 billion spent on goods and services from an estimated 30,000 suppliers
Lloyds Banking Group respects the traditions and cultures, and commits Lloyds Banking Group selves to obey the laws, rules and regulations, of every country in which Lloyds Banking Group operate. Lloyds Banking Group takes into account the economic Lloyds Banking Group wellbeing and social development of communities where Lloyds Banking Group conducts business.
Lloyds Banking Group does not make donations to political parties.
Honesty and integrity in Lloyds Banking Group dealings with customers are of paramount importance and make good business sense - they are prerequisites for a successful and sustained relationship.
Lloyds Banking Group will provide and promote a range of products and services which is responsive to customer needs and offers value for money. Lloyds Banking Group will seek never to give inadequate or misleading descriptions of products or services. Lloyds Banking Group will maintain the confidentiality of customer information, save where the law requires or permits disclosure, or the customer has given prior written consent.
Others competitors in the market are the threat of Lloyds Banking Group. Such as Barclays, HSBC etc.