Lloyds TSB does not see the internet undermining its branch network proposition. The bank's chairman...
Lloyds TSB does not see the internet undermining its branch network proposition.
The bank's chairman Brian Pitman, speaking at the Greig Middleton annual investment conference in London last week, said while the internet's star was rising, more traditional banking media were in no immediate danger of being overtaken.
Pitman spoke on the subject of adding shareholder value with particular reference to his own experience at the UK's largest high street bank. On average, the bank has doubled shareholder value every 32 months for the past 15 years. Flexibility has been cited as the secret of Lloyds TSB's success in what Pitman characterised as the changing world of financial services.
Having taken a leaf from the book of US corporate strategy, Lloyds TSB set itself a target of doubling value every three years - a target it has consistently surpassed, he said.
Referring to the planned takeover of Scottish Widows, he said it would add value to the group. He expected Scottish Widows to dovetail neatly with the bank's branch distribution network which is undergoing transition as Lloyds TSB seeks to cut costs as it develops a new customer service network.
Pitman conceded that Lloyds TSB had been slow out of the traps when it came to global strategy but that the group had grasped the nettle and its growth strategy was paying dividends. According to Pitman the global markets are now an increasingly important determinant in the success of individual economies.
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