Lloyds TSB pledges £400m for NW lending

LLOYDS Banking Group today said it is ready to lend up to £400m in the next six months to strong North West businesses.

Mark Stokes, director of UK Large Corporate, said the funding would be available through the group’s Lloyds Corporate Markets and Bank of Scotland Corporate brands.

He told TheBusinessDesk: “Our message is clear, we are ready to lend and have committed these funds for well-managed businesses in the North West between now and the end of the year.

“The £400m, in addition to the deals we have backed this year, will represent an increase in lending on 2008. “

Mr Stokes also revealed that good progress is being made integrating Dave Allanson’s Lloyds TSB North West Corporate Markets team with the Bank of Scotland Corporate team led by Tim Rigg.

“We’re hoping to bring together the teams by the end of the year, there’s some work to do, but the combined business will follow the Lloyds’ model”

He said there would not be “major fall-out” in jobs as a result of this process, adding: “We will create a bigger team and one with better scale and the plan is to challenge RBS and Barclays in the corporate market, and provide better choice for customers.”

Mr Stokes, pictured, would not be drawn on who would lead the combined team.

He agreed that the reputation of the banking sector had been tarnished over the last year, and there is not “quick fix” to remedy it.

“The best way to repair what’s happened is to be visible, cultivate relationships and support businesses through these difficult times,” he said.

Mr Allanson said there was an “encouraging” pipeline of new business, but said now was a time for maintaining and strengthening existing relationships with customers, rather than forging new ones.