New Office

Lloyds Banking Group Denies It Wants New London HQ

Tom Burroughes, Editor, London, 29 March 2010

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Lloyds Banking Group, which is part-state owned, has denied a newspaper report that it is seeking a new London headquarters, Reuters reported. A report by the Financial Times said the UK banking group, now part-owned by the UK government, was looking to relocate.

The news service quoted a Lloyds spokesperson denying it was seeking a new HQ.

The UK banking group has a substantial wealth management arm. The FT's report did not state whether this unit will be affected by any move to a new headquarters.

The newspaper said Lloyds will create a series of regional hubs in the UK’s main cities, such as Edinburgh, where its head office is located; London, where its top executives are based; and Manchester.

At present, the group – formed out of the takeover in 2008 of HBOS – has around 300 offices, which are expected to be reduced by around half.

Due to its receipt of taxpayers’ money, Lloyds is restructuring its operations and shedding some assets to meet European Union conditions of receiving state aid.

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