Lloyds Banking Group PLC’s new boss eyes growth drive built around
Financing the transition to net zero is another reported area of focus, along with broadening support for the bank’s international clients, including building out its New York office
Lloyds Banking Group PLC (LSE:LLOY)’s new chief executive, Charlie Nunn, is reportedly planning to drive a new phase of growth based on an expansion of its wealth management, property and commercial banking businesses.
The FTSE 100 group had been looking to broaden its revenue streams outside pure banking under predecessor António Horta-Osório, including a financial planning joint venture set up with Schroders in 2018 and the £390mln acquisition of Embark Group this summer, which doubled down on this push into investment and retirement.
Nunn, a former HSBC wealth and personal banking chief, aims is to quadruple the budget of its Citra Living private home rental market brand to £1bn, the Financial Times reported.
In August, the month that Nunn started, the bank confirmed its plans to buy 10,000 properties by 2025 and operate them as a private landlord under the Citra brand, before expanding this to 50,000 homes by 2030.
Another aspects of Nunn’s plans are to target larger corporate and institutional clients for the commercial bank, the newspaper reported, well as catching up with rivals in areas such as wealth management, currency trading and insurance.
Financing the transition to net zero is another reported area of focus, along with broadening support for the bank’s international clients, including building a substantial New York office.
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