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  • A guide to the transfer of accounts from LBISL to LBCM

  • Your accounts held in Jersey are provided by Lloyds Bank (International Services) Limited (LBISL), which is a subsidiary of Lloyds Bank Corporate Markets plc (LBCM). On 1 August 2022 we plan to transfer accounts held with LBISL to the Jersey branch of LBCM, which will trade under the name Lloyds Bank International. The transfer is subject to regulatory and court approval. By doing this we'll be able to simplify our business.

    This guide tells you more about the changes, when they'll happen and what they mean for you.

  • How the transfer will happen

    The transfer must be approved by the Royal Court of Jersey, and the court hearing is due to take place at 10am on 28 July 2022.

    The court will only approve the transfer if it is satisfied that the transfer as a whole is fair and meets the relevant legal requirements. The court will take into account the views of the local regulator and the independent auditor and will also consider objections raised by anyone who believes they may be adversely affected by the transfer.

    If the court gives their approval, then accounts will be transferred on 1 August 2022.

    How to make your views known

    You don't need to do anything and your accounts will be transferred automatically, but if you believe that you will be adversely affected by the transfer you are entitled to be heard by the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey, J E1 1JG at 10am on 28 July 2022.

    You can attend the court hearing in person or be represented by a legal representative at your own cost. If you plan to object at the court hearing, we recommend that you contact us first on the number below. Or you can write to us at least five working days before the court hearing at: Customer Relations, Villiers House, 2 Victoria Street, Douglas, Isle of Man, IM1 2LN. Your letter should include your reasons for objecting and why you think that you will be adversely affected.

    If you do not wish to attend the hearing, you can also write to us with your reasons for objecting to the transfer. Please send your letter to the address above at least five days before the court hearing. You can read a copy of the full scheme document relating to the transfer or you can call us on the number below. You can also visit us at the address shown below to review or collect copies of the court application.

  • What the transfer means to you

  • The day to day running of my accounts

    Will the way my accounts work and the way I bank stay the same?

    You can carry on banking and managing your accounts as you do today. Your account numbers and sort codes will stay the same. How you contact us and use our services will not change as a result of this transfer.

    Will my standing orders continue to work as they do now?

    These will carry on as they do today.

    Will I need a new card or PIN?

    You can carry on using your cards and PINs as you do now.

    My account is currently blocked as I need to provide some documentation. Will the block remain in place after the transfer?

    Your blocked account will be transferred to LBCM. Once you have provided your documentation, the block will be removed.

  • Accessing information about my accounts

    Can I still request historical statements?

    You will continue to have access to the same information that you do today.

    I use Internet Banking - will my log on details stay the same?

    You can continue to log on using the same user ID, password and memorable information that you use today. The only changes to Internet Banking will be that you’ll see references to LBCM and the trading name of Lloyds Bank International.

    I use Telephone Banking - will my security details stay the same?

    You can continue to use the same Telephone Banking Personal Security Number that you use today. The only changes to Telephone Banking will be that you’ll hear references to LBCM and the trading name of Lloyds Bank International.

    Will the contacts for my accounts change?

    You can continue to contact us using the same details you do today.

  • Deposits, protection and shareholdings

    How safe are my deposits with LBCM plc?

    LBCM is a core part of the Lloyds Banking Group, one of the largest banking groups in the UK. LBCM has an A+ rating from Fitch, an A1 rating from Moody’s and an A rating from Standard & Poor’s, all with a positive outlook. These ratings are correct at February 2022. Ratings may change over time.

    Will this change how my eligible deposits are protected?

    There will be no change to depositor protection under the Jersey Bank Depositors Compensation Scheme. Eligible deposits with LBI SL and LBCM are protected by the Jersey Bank Depositors Compensation Scheme. You can find more information on the compensation scheme’s website at www.jerseydcs.je/

  • Summary of the scheme and independent auditor's report

    View summary

    (1) What we want to do and why - background to the proposed transfer

    Lloyds Bank Corporate Markets plc (LBCM) and its subsidiaries wish to reorganise their business in Jersey so that all deposit taking and other banking business currently carried on in or from within Jersey by Lloyds Bank (International Services) Limited (LBISL) will be carried on by LBCM, Jersey branch (LBCMJB).

    LBISL therefore intends to transfer your account(s) to LBCMJB. By making these changes, we will be able to simplify our business. There will be no material changes to the products and services you currently receive as a result of the transfer.

    This leaflet explains the legal process which will give effect to the transfer (the Scheme) and summarises its terms.

    If the Royal Court of Jersey (the Court) approves the Scheme your account(s) will transfer without the need for any further action being taken by you. However, if we consider that this is required then we shall write to you again with further details.

    (2) Important information about the Scheme

    We are proposing to transfer your account(s) from LBISL to LBCMJB in accordance with the terms of the Scheme.

    In order to implement the Scheme, we must obtain approval from the Court and the Jersey Financial Services Commission must consent to the Scheme. The Court will only approve the Scheme if it is satisfied that all of the legal requirements have been met and that the proposed transfer of business from LBISL to LBCMJB is fair to customers.

    The hearing before the Court to request approval of the Scheme is due to take place at 10am on 28 July 2022 at the Royal Court of Jersey, Royal Square, St Helier, Jersey, JE1 1JG. If this time or date changes we will place notice of the new time or date on our website international.lloydsbank.com/lbisl-transfer

    (3) How you can raise any questions or concerns about the Scheme

    If you have any questions or concerns about the Scheme, please contact us using the contact details below and we will be happy to help you.

    If you believe you would be adversely affected by the Scheme you may put your objections to the Court:

    • by writing to us at the address given below, marking your correspondence as 'Transfer Proposal' so that your objection and our reply to you can be sent to the Jersey Financial Services Commission and the Court prior to the court hearing;
    • by attending the hearing and presenting your objection to the Court in person; or
    • through a Jersey advocate who will attend the hearing at the Court and present your objection on your behalf.

    If you or a legal representative intend to come to the hearing, please write to us as soon as possible, and ideally at least five working days before the court hearing. Again, please mark your letter with 'Transfer Proposal' and outline the nature of your objection. By informing us in writing of your intention to attend, we can inform you of any changes that may occur in relation to the hearing.

    (4) A summary of the main terms of the Scheme

    Any deposit accounts held by you with LBISL, along with any related contracts, will transfer from LBISL to LBCMJB. The transfer will be implemented through the Scheme which is a scheme to transfer deposit taking business under Article 48D of and the schedule to the Banking Business (Jersey) Law 1991.

    If the Court approves the Scheme, the Scheme will become effective at 00:01 on 1 August 2022 and all accounts will transfer from LBISL to LBCMJB and become LBCMJB accounts.

    The terms of the Scheme provide that upon the transfer of an account:

    • continuity in contracts: any contract relating to the transferred account will have effect as if LBCMJB had always been a party to it and accordingly, LBCMJB will acquire the rights and obligations of LBISL in respect of such contract and the rights and obligations of LBISL will be extinguished;
    • continuity in proceedings: any claim or litigation relating to the transferred account by or against LBISL will be continued by or against LBCMJB and LBCMJB will be entitled to all defences, claims, counterclaims and rights of set off that would have been available to LBISL in any such proceedings;
    • payment instructions: any orders for payment relating to the transferred account shall have effect as if LBCMJB is LBISL and any instruction, standing order, direction, mandate, indemnity, power of attorney, authority, undertaking, declaration or consent given to or by LBISL in relation to the transferred account shall have effect as if given to or by LBCMJB;
    • privacy and confidentiality: LBCMJB will owe the holder of the transferred account the same duties of confidentiality and privacy as those which LBISL owed immediately prior to the transfer of the transferred account;
    • personal data: LBCMJB will become the data controller in respect of personal data relating to the transferred account; and
    • standard variable rate: any reference to the standard variable interest rate of LBISL will become a reference to the standard variable interest rate of LBCMJB.

    LBISL and LBCMJB can amend the terms of the Scheme provided that the Jersey Financial Services Commission is notified of the proposed amendment and the Court approves it. In the case of minor or technical amendments, or an amendment to correct a manifest error, the amendment can be made without the approval of the Court provided that the Jersey Financial Services Commission has approved the amendment.

    The Scheme includes additional provisions dealing with certain residual assets and liabilities that are intended to transfer but, for whatever reason, do not transfer to LBCMJB pursuant to the Scheme. The Scheme provides that these be held by LBISL as residual assets or residual liabilities until the applicable residual transfer date under the terms of the Scheme.

    (5) What the transfer means for you - changes and benefits

    There is no immediate change to your account number(s), contact telephone numbers or your online banking service. You will remain a customer of LBISL until we move your account to your new LBCMJB account.

    The terms and conditions relating to your account will not be amended by the Scheme, but you’ll see references to LBCM instead of LBISL, and the trading name of Lloyds Bank International. You’ll be able to view them online at international.lloydsbank.com from 1 August 2022.

    If you already hold an LBCM account there is no change to the terms and conditions of that account. Following the transfer you will have separate terms and conditions for accounts which until 1 August 2022 were held with LBISL and accounts which were already held with LBCM.

    (6) A summary of the report prepared by an independent auditor in relation to the Scheme

    The management of LBCMJB has prepared the Scheme and supporting financial documents (the Financial Information) to demonstrate the liquidity and capital adequacy of LBISL and LBCM as if the transfer had taken place pursuant to the Scheme.

    An independent auditor, Deloitte LLP, has examined the Scheme, the management report and the Financial Information and has considered the effects of the Scheme on the liquidity and capital adequacy of LBISL and LBCM by reference to the Financial Information. The independent auditor has prepared a report which includes the independent auditor's opinion that nothing has come to their attention that causes them to believe that:

    (i) the proposed transfer of business would have a materially adverse effect on the liquidity or capital adequacy of LBISL or LBCMJB, or that would indicate that LBISL or LBCMJB would not have the ability to meet their liabilities after the proposed transfer of business between LBISL or LBCMJB in accordance with the terms of the Scheme;

    (ii) the proposed transfer of business in accordance with the terms of the Scheme would appear to disadvantage the customers or creditors of LBISL or LBCMJB as a whole; and

    (iii) the Depositor Compensation Scheme arrangements and creditor hierarchy considerations would have any material adverse effect on customers upon the Scheme taking effect.

    (7) How you can obtain more detailed information about the Scheme

    A copy of the customer letter, the full terms of the Scheme, the full report prepared by the independent auditor and a copy of the application to the Court to approve the Scheme are available to download.

    Alternatively, you can obtain copies by requesting a copy from us by calling or writing to us using the contact details below. The documents are also available for inspection and collection at 9 Broad Street, St Helier, Jersey, JE2 3RR (between 9am and 5pm Monday to Friday, excluding Bank Holidays).

    If any changes are made to the documents referred to above or if any supplemental documents are prepared, we will publish such amended or supplemental documents on this site.

     

  • To contact us

    Call us on: 0345 7449900 or +44 (0) 1539 736626. Lines are open Monday to Friday from 8am to 8pm, 8am to 4pm Saturday excluding UK Public Holidays.

    Visit us at:
    Lloyds Bank
    9 Broad Street
    St Helier
    Jersey
    JE2 3RR

    You can write to us at:
    Customer Relations
    Villiers House
    2 Victoria Street
    Douglas
    Isle of Man
    IM1 2LN

Lloyds Bank Corporate Markets plc is authorised and regulated in the UK as the non-ring fenced bank of the Lloyds Banking Group. The Jersey, Guernsey and Isle of Man branches of Lloyds Bank Corporate Markets plc are each separately licensed as regulated deposit-takers in their respective jurisdictions. Lloyds Bank Corporate Markets plc is independent from Lloyds Bank plc, which is authorised and regulated in the UK as the ring fenced bank of the Lloyds Banking Group. For more information on ring-fencing visit international.lloydsbank.com/ringfencing/.

Lloyds Bank (International Services) Limited, a Jersey registered and regulated bank, is a subsidiary of Lloyds Bank Corporate Markets plc, a UK Non-ring-fenced Bank. Both companies are part of Lloyds Banking Group plc. They are independent from Lloyds Bank plc which is Lloyds Banking Group’s ring-fenced UK regulated retail and commercial bank. For more information on ring-fencing visit international.lloydsbank.com/ringfencing/.

Our International services are offered by Lloyds Bank Corporate Markets plc & Lloyds Bank (International Services) Limited. See Company Information. Whilst our services will be available to many customers, there are countries where, due to legal or regulatory restraints, we cannot provide them.

Rules and regulations made under the UK Financial Services and Markets Act 2000 for the protection of depositors and investors, including the Financial Services Compensation Scheme, do not apply to the financial services business of companies within the Lloyds Banking Group carried out from offices outside of the United Kingdom.

Lloyds Bank Corporate Markets plc. Registered Office and principal place of business: 25 Gresham Street, London, EC2V 7HN. Registered in England and Wales no. 10399850 with company number 10399850. Lloyds Bank Corporate Markets plc in the UK is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 763256. Authorisation can be checked on the Financial Services Register.

Services provided by the Jersey, Guernsey and Isle of Man branches of Lloyds Bank Corporate Markets plc will be subject to the regulatory regime applicable in their respective jurisdiction, which will differ in some or all respects from that of the UK.

Further information about the regulatory status of the Jersey, Guernsey and Isle of Man branches of Lloyds Bank Corporate Markets plc, is set out below.

The Jersey branch of Lloyds Bank Corporate Markets plc, principal place of business 9 Broad Street, St Helier, Jersey, JE2 3RR, is regulated by the Jersey Financial Services Commission to carry on deposit-taking business under the Banking Business (Jersey) Law 1991 and general insurance mediation business under the Financial Services (Jersey) Law 1998 and has also notified the Jersey Financial Services Commission that it carries on money service business. Lloyds Bank Corporate Markets plc, Jersey Branch, subscribes to the Jersey Code of Practice for Consumer Lending.

The Guernsey branch of Lloyds Bank Corporate Markets plc, principal place of business 1 Smith Street, St Peter Port, Guernsey GY1 2JN, is licensed by the Guernsey Financial Services Commission to take deposits and insurance intermediary business under the Banking Supervision (Bailiwick of Guernsey) Law 2020, and the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (as amended), respectively, and is also registered with the Guernsey Financial Services Commission as a money service provider.

The Isle of Man branch of Lloyds Bank Corporate Markets plc, principal place of business Villiers House, 2 Victoria Street, Douglas, Isle of Man, IM1 2LN, is licensed by the Isle of Man Financial Services Authority to conduct deposit-taking and is also registered as an insurance intermediary in respect of general business.

Lloyds Bank International is the registered business name of Lloyds Bank Corporate Markets plc in Jersey and the Isle of Man.

Lloyds Banking Group plc does not guarantee the liabilities of its subsidiaries. The paid up capital and reserves of Lloyds Banking Group plc was £53.152bn billion as at 31 December 2021. Rules and regulations made under the UK Financial Services and Markets Act 2000, including the Financial Services Compensation Scheme, do not apply to the financial services business of companies within the Lloyds Banking Group carried out from offices outside the United Kingdom.

The paid up share capital and reserves of Lloyds Bank Corporate Markets plc was £3.489 billion as at 31 December 2021. Copies of our terms and conditions and latest report and accounts are available upon request from the above registered office.

The paid up capital and reserves of Lloyds Bank (International Services) Limited was £32.37 million at 31 December 2021. Copies of our terms and conditions are available on request from the above registered office.

Lloyds Bank International is the registered business name of Lloyds Bank Corporate Markets plc in Jersey and is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. Eligible deposits are deposits held by private individuals and charities. Depositor protection does not extend to corporations, small to medium sized enterprises, partnerships and trusts. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website or on request.

The Isle of Man branch of Lloyds Bank Corporate Markets plc is a participant in the Isle of Man Depositors’ Compensation Scheme as set out in the Depositors’ Compensation Scheme Regulations 2010, as amended (the “Isle of Man Scheme”). The Isle of Man Scheme offers protection for ‘eligible protected deposits’ of up to £50,000 (which includes deposits by most individual persons but does not, for example, include trustees or nominees) or £20,000 for most other categories of depositor, subject to certain rules and limitations set out in the  Isle  of  Man  Scheme.  Further details of the Isle of Man Scheme are available on the Isle of Man Financial Services Authority’s website and on request.

The Guernsey branch of Lloyds Bank Corporate Markets plc is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for 'qualifying deposits' up to £ 50,000, subject to certain limitations. The maximum total amount of compensation is capped at £ 100,000,000 in any 5 year period. Full details are available on the Scheme's website or on request from telephone: +44 (0) 1481 722756 or post: P.O. Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 4AT. Deposits are not covered by the Financial Services Compensation Scheme under the Financial Services and Markets Act 2000 in the United Kingdom.

Deposits with the Guernsey branch of Lloyds Bank Corporate Markets plc will not be covered by any equivalent deposit compensation scheme to the Guernsey Banking Deposit Compensation Scheme in any other jurisdiction.

Complaints involving the Isle of Man branch of Lloyds Bank Corporate Markets plc that it cannot settle should be referred to the Financial Services Ombudsman Scheme in the Isle of Man. Complaints involving the Jersey and Guernsey branches of Lloyds Bank Corporate Markets plc that it cannot settle should be referred to the Channel Islands Financial Ombudsman.

View our information on how to complain.

Lloyds Bank (International Services) Limited. Registered office and principal place of business: 9 Broad Street, St Helier, Jersey, JE2 3RR. Lloyds Bank (International Services) Limited is incorporated in Jersey No. 128655 and is regulated by the Jersey Financial Services Commission to carry on deposit taking business under the Banking Business (Jersey) Law 1991. Lloyds Bank (International Services) Limited has also notified the Jersey Financial Services Commission that it carries on money services business.

Lloyds Bank (International Services) Limited is a participant in the Jersey Bank Depositors Compensation Scheme.  The Scheme offers protection for eligible deposits of up to £50,000.  Eligible deposits are deposits held by private individuals and charities.  Depositor protection does not extend to corporations, small to medium sized enterprises, partnerships and trusts. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period.  Full details of the Scheme and banking groups covered are available on the States of Jersey website or on request.

Please note that, in relation to banking services which we provide, you might not be eligible for compensation under a deposit protection guarantee scheme available in your country of residence. If in doubt, contact your local banking regulator, visit their website or seek independent advice.

Lloyds Bank (International Services) Limited is a wholly owned subsidiary of Lloyds Bank Corporate Markets plc. Lloyds Bank Corporate Markets plc is incorporated in the United Kingdom, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 763256 and is part of the Lloyds Banking Group.

Lloyds Bank Corporate Markets plc is incorporated in England and Wales with company number 10399850 and is authorised by the Prudential Regulation Authority (PRA), registration number 763256 and regulated by the Financial Conduct Authority (FCA)and the Prudential Regulation Authority. The Jersey, Isle of Man and Guernsey branches of Lloyds Bank Corporate Markets plc are licensed by the Jersey Financial Services Commission, the Isle of Man Financial Services Authority and the Guernsey Financial Services Commission respectively. Lloyds Bank Corporate Markets plc is a wholly owned subsidiary of Lloyds Banking Group plc. The Jersey, Isle of Man and Guernsey branches of Lloyds Bank Corporate Markets plc place funds with Lloyds Bank Corporate Markets plc and thus their financial standing is linked to that of Lloyds Banking Group.

Depositors may wish to form their own view on the financial standing of Lloyds Bank Corporate Markets plc and Lloyds Bank (International Services) Limited and their respective parent company based upon publicly available information.

Legislation or regulations in your home jurisdiction may prohibit you from entering into such a transaction with us. We reserve the right to make final determination on whether you are eligible for any products or services. Residents or Nationals of certain jurisdictions may be subject to exchange controls and should seek independent advice before entering into any transactions with us.