Lloyds Bank creates a management company to manage the …

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It has been reported that Lloyds Banking Group is on the verge of purchasing its first property as it seeks to become a private owner.

Today’s Daily Mail reports that the bank is on the verge of securing a block in Peterborough and may start renting them out next month.

Under a plan called Project Regeneration, Lloyds – Britain’s largest retail bank – will buy and lease a range of new and existing properties across the UK. The bank is expected to manage its rental portfolio through a subsidiary called Citra Living, which was established this year, according to documents filed with Companies House.

Lloyds, which also operates the UK’s largest mortgage lender – Halifax – is said to be keen to use its low financing costs, brand awareness and knowledge of the housing market to become a major operator in the private landlord market.

It is believed that becoming a homeowner could allow Lloyds to sell other products to tenants, such as insurance or loan for deposits.

Lloyds owns the Scottish Widows and Bank of Scotland brands as well as Halifax and is involved in wealth management and insurance.

The company told the Mail: “As we reported in our annual results in February, we are committed to expanding access to homeownership and exploring opportunities to increase our support for the UK rental sector.”



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