Mergers and Takeovers
The period during and immediately after the war saw a major restructure of the British banking system.
A number of mergers and takeovers took place, creating ever-larger banks. Lloyds led several of these, culminating in the acquisition of Capital & Counties Bank, in 1918. This was a takeover on a scale not seen before, a ‘merger of giant with giant’. Lloyds gained an additional 473 branches – more than doubling its existing number.
The photograph shows Capital & Counties’ head office at Threadneedle Street, in the City of London. At the time of the merger, 130 staff worked here in six different departments.
Over the next few years, Lloyds absorbed three more companies: West Yorkshire Bank in 1919; Fox, Fowler & Co. in 1921; and Cox & Co. in 1923.
Still essentially a local bank in the mid 19th century, Lloyds was now a national financial institution.
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