Enterprise Risk Management at Lloyds TSB
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Case Details:
Case Code : ERMT-022
Case Length : 23 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : Lloyds TSB
Industry : Banking and Insurance
Countries : UK
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Background Note Contd...
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The TSB group's origin went back to the trustee savings banks (TSBs) formed in
the 1800s.
By 1860 there were 600 such banks, mainly in northern England and
Scotland, but the number continued to decline with the passage of time.
In 1986, when the four remaining TSBs (TSB Channel Islands, TSB England and
Wales, TSB Northern Ireland, and TSB Scotland) agreed to merge and go public,
TSB Group was born.
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In the late 1980s, the cash rich group bought Target Group (life insurance, sold
1993), Hill Samuel (merchant banking), and other units. As debt rose in the
1990s, TSB Group refocused on banking and insurance.
After the merger, Lloyds TSB focused on loans and insurance and dabbled in
consumer finance, including the sale and delivery of big-ticket items (cars,
large appliances). Returning overseas, it bought the consumer finance unit of
Brazil's Banco Multiplic.
In the late 1990s, the bank overhauled its operations to eliminate redundancies
and began rebranding under one green and blue banner. In 1999, Lloyds TSB bailed
out Abbey Life, which had nearly gone bankrupt due to the cost of settling
pension mis-selling claims.
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In 2000, the bank bought Scottish Widows to boost its fund management services.
It sold the Abbey Life name and its new business to Zurich Financial Services'
Allied Dunbar. Abbey Life continued to service existing business for the bank.
Lloyds TSB also bought consumer and auto finance unit Chartered Trust from
Standard Chartered. After a year long battle to buy London-based mortgage lender
Abbey National, the UK Government, in 2001, blocked the merger on anti trust
grounds. |
Early in 2001, Lloyds TSB closed Bahamas-based subsidiary
British Bank of Latin America because of alleged money-laundering links...
Excerpts >>
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