The paper "Strategic Management of Lloyds Banking Group" is a great example of a case study on management. Following the acquisition of HBOS plc by Lloyds TSB Group plc in 2009, the bank was renamed Lloyds Banking Group plc (LBG). With a staff of over 140,000 people, over 3,000 branches, and a presence in 30 countries, the bank is presently the largest retail bank in the United Kingdom (Winston, 1982). The bank presently operates more than 30 million current accounts. It is estimated that one in every Small Business Enterprise in the UK banks with LBG.
LBG’ s product portfolio ranges from current and savings accounts, to credit cards, personal credit facilities, as well as life assurance and pensions. LBG’ s acquisition of HBOS presented numerous challenges to the bank, foremost being how the two bank’ s pre-existing networks could be converged and how this would influence the new organization’ s risk profile. Lloyds Banking Group’ s mission, vision and corporate objectivesLloyds Banking Group’ s vision seeks to set the direction for all the organisations stakeholders. Its main objective is to unlock the organisation’ s potential by making it more agile, leaner and more transparent.
It aims at delivering the expectations of its stakeholders and positioning it as the best banking option for its customers. The Group’ s vision is expressed in its values. The three main values that the organisation upholds include putting customers first, keeping it simple, and making a difference together (Winston, 1982). The banks objective is to strive to develop positive and long-term relationships with its customers. To this end, the bank seeks to simplify business processes, and to communicate proactively and clearly in an effort to improve the experience of customers in general.
By simplifying its mode of operations, the bank aims at improving the quality and delivery of its services by dedicating more resources and time in meeting customer expectations and concerns. Brief history of Lloyds Banking Group’ sLloyds Bank was established in June 1765 at Birmingham. Trading under the name Taylors and Lloyds, the bank remained a private entity until the middle of the 19th century. Following the amalgamation process that characterized the British banking sector, the bank took advantage of the emerging market environment to expand and grow throughout the midlands.
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