Lloyds Banking Group (LLOY.L, LLOY LN)
Since the creation of Lloyds Banking Group in January 2009, significant restructuring and rationalisation have occurred to create a UK-centric retail and commercial bank with leading market shares in key current accounts, retail deposits and both new mortgage origination and mortgage balances with growing market shares in business and consumer lending. In the UK, Lloyds operates a multi-brand, multi-channel approach. Its main banking brands are Lloyds Bank, Halifax and Bank of Scotland; combined, these represent the largest bank branch footprint (over 2,200 branches) in the UK. Given the significant retrenchment from foreign jurisdictions since 2009, we would not expect Lloyds to seek foreign expansion in the near to medium term.