Following the creation of Lloyds TSB Group in 1998, the businesses of Lloyds Bowmaker (formerly Lloyds and Scottish) and United Dominions Trust were combined into
Lloyds UDT. In September 2000, Lloyds TSB acquired Chartered Trust, and, in June 2001, the business of Chartered Trust was merged into the business of Lloyds UDT, and the enlarged operation rebadged under the Black Horse name, to form the asset finance division of Lloyds TSB.
United Dominions Trust The origins of UDT go back to 1919, when the Continental Guaranty Corporation of New York established a branch in the City of London, which concentrated mainly on providing finance for the British motor trade. The business of the branch was transferred to a separate company in 1922, which was registered in England as the Continental Guaranty Corporation Ltd. In 1923, the company was acquired by British interests; in 1925, it converted to a public company and the name was changed to United Dominions Trust. Having been previously associated with
Barclays Bank, in 1981, it became a subsidiary of the
Trustee Savings Bank.
Lloyds Bowmaker Bowmaker Limited was formed in 1926 and acquired by Lloyds and Scottish in 1982. Lloyds and Scottish was formed in 1958, by the acquisition of the Scottish Midland Guarantee Trust and Olds Discount Company by
Lloyds Bank and the
National Commercial Bank of Scotland (itself part owned by Lloyds Bank). In 1981, Lloyds Bank increased its shareholding in Lloyds and Scottish, taking full control of minority shareholdings in 1984, to form Lloyds Bowmaker.
Chartered Trust In 1973, Standard and Chartered Banking Group acquired the whole of the share capital of The Hodge Group Limited not already owned by
The Chartered Bank for £45 million. Sir
Julian Hodge's other interests were divested to The Carlyle Trust (a company he owned) in 1976, and the consumer finance operation was renamed Chartered Trust; in September 2000, it was sold by
Standard Chartered to Lloyds TSB for £627 million. ==See also==