The future of Lloyds TSB Middle East hangs in the balance after the British lending giant announced it would slash costs and staff numbers across its international operations.
The bank's parent, Lloyds Banking Group based in London, is mulling the future of its international operations, which include a branch in Dubai with a staff of about 250.
Lloyds, which was forced into a merger with Halifax Bank of Scotland before being nationalised by the UK government during the bleakest weeks of the financial crisis in 2009, is closing operations in 15 of the countries where it does business and refocusing on its home market to save £1.5 billion (Dh8.82bn) over the next three years.
"We will focus on attractive UK customer segments, reduce our international presence, and continue our disciplined reduction of non-core assets, to ensure sustainable, predictable returns on equity above our cost of equity," the bank said.
"We will also refocus our international business on UK expatriates and others with UK connections."
Markets responded to the cuts with glee, as Lloyds' shares jumped more than 9 per cent in early trading. The bank is 41 per cent owned by the UK government.
For the bank's retail, commercial and corporate customers in the UAE, the outlook is uncertain.
"That detail hasn't been worked out yet," a Lloyds spokeswoman said when asked if Dubai operations would be affected by the changes.
Lloyds TSB moved quickly to reduce exposure to the property sector in the months preceding the start of Dubai's economic problems, limiting the effects of the emirate's property downturn, Richard Musty, the managing director of Lloyds TSB Middle East said in May.
But the bank has nevertheless been forced to reduce staff numbers during the past few years, he added.
The past 12 months have brought job cuts and reorganisations to many of the operations of British banks operating in the UAE.
Royal Bank of Scotland sold its retail banking operations to Abu Dhabi Commercial Bank last summer, while both HSBC Middle East and Barclays Bank have reduced staff numbers in the UAE since April. Only Standard Chartered has avoided major staff cuts.
ghunter@thenational.ae
Specs%3A%202024%20McLaren%20Artura%20Spider
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RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Company%20profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Sri Lanka squad for tri-nation series
Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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COMPANY%20PROFILE%20
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
COMPANY%20PROFILE
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McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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