38/03
25 March 2003
CORPORATE BANKING
STRUCTURE
CHANGES
AT
LLOYDS
TSB
OFFSHORE
Lloyds TSB Offshore Banking today announced its plans to alter the corporate structures for its offshore businesses. Following a period of consultation in recent months with the Governments of Jersey, Guernsey and the Isle of Man, the Bank has said that the offshore holding and operating companies will be legally domiciled in Jersey.
The Lloyds TSB Offshore Banking operation provides Personal and Business Banking, Private Banking, Trust, Treasury and Fund management services to local residents and customers globally along with banking facilities for expatriates abroad and in the UK. David Oldfield, Lloyds TSB offshore banking director, said: “This decision was made after very careful deliberation, with excellent proposals submitted by all Island Governments. It was a hard choice for us to make but I am confident that we now have an opportunity to simplify our current offshore corporate structure enabling us to focus fully on the needs of our customers. The move to a single place of legal domicile for the statutory companies will have no impact on staff or customers since the business operations across the Channel Islands and Isle of Man are unaffected.”
It is anticipated that the new structure will come into being from 1 January 2004. Martin Fricker, Lloyds TSB island director, Jersey said: “Naturally I am pleased that Jersey has been successful in securing the domicile of the new Lloyds TSB offshore structure. I understand that the decision was a close run thing, which highlights the commitment of the Jersey Government in securing new business for the Island” - ends For information contact: Stephen Finch Lloyds TSB Press Office Tel: 020 7356 2401