SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
(1st August 2003)
LLOYDS TSB GROUP plc
(Translation of registrant's name into English)
71 Lombard Street
London EC3P 3BS
United Kingdom
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F..X..Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes .....No ..X..
If "Yes" is marked, indicate below the file number
assigned to the registrant in connection with Rule
12g3-2(b): 82- ________
Index to Exhibits
Item
No. * Regulatory News Service Announcement, dated 1st August 2003
re: Acquisition
115/03 1 August 2003
LLOYDS TSB TO ACQUIRE GOLDFISH CREDIT CARD AND PERSONAL LOAN BUSINESSES
Lloyds TSB today announces that it has reached agreement to acquire for cash the
credit card and personal loan businesses of Goldfish Bank Limited for a premium
of GBP112.5 million, or 13.7 per cent of net credit card receivables. As at 30
June 2003, the total net credit card and personal loan receivables amounted to
some GBP900 million. The transaction also includes the Goldfish brand and
loyalty programme.
Lloyds TSB currently has a 30 per cent economic share in Goldfish, as part of a
joint venture with Centrica, and believes the financial performance of the
acquired credit card and personal loan businesses will be improved by being
wholly owned by the Group. By integrating these Goldfish businesses into the
Group's existing operating platform and leveraging its expertise, there will be
significant opportunities for cost efficiencies and revenue growth.
The acquisition enables Lloyds TSB to expand its credit card and personal
lending portfolio and supports the Group's strategy of growing its core
businesses. The move will also be integral to the development of the Group's
co-brand and own label product range.
Following completion, Goldfish Bank Limited will retain its existing portfolio
of savings balances, which will be wound down by the end of the year.
Peter Ayliffe, Group Executive Director, UK Retail Banking, said:
"We are delighted to have reached agreement with our joint venture partner,
Centrica, to acquire the Goldfish credit card and personal loan businesses. We
are getting a strong brand and a high quality customer base which are valuable
additions to our growing businesses. With our scale and expertise, we are in a
good position to maximise efficiencies, grow revenues and offer customers more
choice."
- ends -
For further information:
Investor Relations
Michael Oliver +44 (0) 20 7356 2167
Director of Investor Relations
E-mail: [email protected]
Ian Gordon +44 (0) 20 7356 1264
Senior Manager, Investor Relations
E-mail: [email protected]
Media
Terrence Collis +44 (0) 20 7356 2078
Director of Group Corporate Communications
E-mail: [email protected]
Mary Walsh +44 (0) 20 7356 2121
Head of Media Relations
E-mail: [email protected]
FORWARD LOOKING STATEMENTS
This announcement contains forward looking statements with respect to the
business, strategy and plans of the Lloyds TSB Group, its current goals and
expectations relating to its future financial condition and performance. By
their nature, forward looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur in the future.
Lloyds TSB Group's actual future results may differ materially from the
results expressed or implied in these forward looking statements as a result of
a variety of factors, including UK domestic and global economic and business
conditions, risks concerning borrower credit quality, market related risks such
as interest rate risk and exchange rate risk in its banking business and equity
risk in its insurance businesses, changing demographic trends, unexpected
changes to regulation or regulatory actions, changes in customer preferences,
competition and other factors. Please refer to the latest Annual Report on Form
20-F of Lloyds TSB Group filed with the US Securities and Exchange Commission
for a discussion of such factors.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
LLOYDS TSB GROUP plc
(Registrant)
By: M D Oliver
Name: M D Oliver
Title: Director of Investor Relations
Date: 1st August 2003