George Osborne hails the 'milestone' of Lloyds first dividend since its 2008 rescue, a 0.75p-a-share pay-out.īank posts a jump in annual profits to £1.8bn for 2014. Subsequently bought by Sabadell, the Spanish banking group. Lloyds swings to profit of £415m, allowing Horta-Osório to call the lender a 'normal bank' TSB floated on the stock market to meet EU state aid rules governing Lloyds' bailout. Co-op Bank thrown into crisis later that year after it discovers a £1.5bn capital black hole in its finances. 2013ĭeal to sell the branches to Co-op Bank collapses and Lloyds pursues an alternative plan to float the business on the stock market as challenger bank TSB. LLoyds plunges to a £3.5bn pre-tax loss for 2011 compared with a £281m profit a year earlier, after taking £3.2bn charge for mis-selling PPI. Horta Osório takes extended leave because of a stress-related illness of extreme sleep deprivation he compares to 'torture'.

Three arrests made as part of police investigation into fraud at HBOS branch in Reading, amid allegations that troubled companies are being deliberately put out of business by consultancy in collusion with rogue HBOS bankers. Job cuts since the start of 2009 reach 17,000.Ĭhief executive Eric Daniels replaced by Portuguese banker Antonio Horta-Osório, who focuses on plan to reduce exposure to wholesale funding with a maturity of less than one year from £150bn at the end of 2010 to current £31bn. Mis-selling becomes huge scandal, with Lloyds footing the biggest compensation bill (£17bn by 2017). Lloyds becomes the first bank to stop selling payment protection insurance (PPI). The Government injects a further £5.7bn into the lender to maintain its 43pc shareholding.īank announces sell-off hundreds branches to meet EU state aid rules following its bailout, known as 'Project Verde'. Crippled by the HBOS acquisition, LLoyds launches a huge £13.5bn rights issue to shore up finances. Lloyds shocks investors by revealing that HBOS suffered a £10.8bn pre-tax loss in 2008.Ĭhairman Sir Victor Blank quits amid criticism from shareholders of the HBOS deal. Government steps in to prop up British lenders by taking stakes in Royal Bank of Scotland, Lloyds TSB and HBOS in a £37bn bail-out, of which Lloyds receives £20.5bn 2009 Lloyds TSB agrees to a £12bn rescue takeover, brokered by Gordon Brown's Government, making it the largest retail bank in the UK, with more than 25 million customers (brands including Bank of Scotland, Birmingham Midshires, Cheltenham & Gloucester, Halifax, Lloyds TSB, and Scottish Widows). Lehman Brothers collapses into bankruptcy, sparking stock market turmoil including a sell-off in shares of Halifax Bank of Scotland (HBOS).

Lloyds tsb ownership