Farm-focussed financial services team strengthens Lloyds Banking Group’s commitment to agriculture

A new team of agricultural Wealth Management specialists offering expert financial planning advice to farmers for both personal and business matters, such as protection, pensions, investments and inheritance tax planning, has been launched by Lloyds TSB Agriculture and Bank of Scotland.

The 16-strong team will enhance the existing specialist agricultural banking network of nearly 170 farming-focused staff working from 53 dedicated offices throughout the UK.

Such a strong sector-specific approach is unusual and is believed to be unprecedented for a bank in UK agriculture, but it reflects the importance that Lloyds Banking Group gives the farming industry.

Agriculture is now one of the most established Key Markets within Lloyds Banking Groups commercial business, points out Director of Agriculture Gareth Oakley, and it continues to grow substantially year on year. In 2010, we recorded 17% lending growth to agriculture in the UK and attracted over 900 new farm business customers.

We recognise that agriculture is unlike any other commercial sector in that it requires a bespoke approach to business management. The growth we are seeing shows how much our specialist teams are valued by customers.

Mike Grant, Director of the Wealth Management Corporate & Commercial business, goes on to say: The need for a farming specific approach is no less important in all areas of financial planning. The modern farmer is responsible for a multi-dimensional business that requires careful financial, risk, marketing and people management. As a result, well thought-out plans that mitigate risk, attract and retain the best staff, and limit tax liabilities, are an essential part of successful business strategy. Inheritance tax and succession planning are particular areas where we are finding farmers have an increasing awareness and require specialist input.

A major advantage for our existing customers is that their agricultural manager will already have a good understanding of their business and will work closely with the Wealth Management specialist to help deliver the most appropriate solutions, adds Gareth Oakley. This is an innovative development that will add real value to our relationships with our farming customers.

Whilst focusing exclusively on farming customers and offering a dedicated service, the new Wealth Management team has access to the full spectrum of resources available through Lloyds Banking Group. This will include very competitive pension planning and annuity options, access to a wide range of investment and protection products, and specialist expertise in crucially important areas like inheritance tax planning.

Lloyds Banking Groups Wealth Management advisers are contactable through the UK-wide network of agricultural offices of Lloyds TSB Agriculture and Bank of Scotland.

Lloyds TSB Agriculture: Lloyds TSB Agriculture provide a personalised banking service to farmers and rural businesses delivered through a network of over 150 staff, made up of over 80 specialist agriculture managers and 70 support staff, based in 44 rural offices throughout the UK. In recent years Lloyds TSB Agriculture has seen strong growth in its acquisition of new customers – the rate of customers moving to Lloyds TSB Agriculture from other banks currently stands at around 900 farmers per year.

Bank of Scotland: Bank of Scotland is part of Lloyds Banking Group, the UK’s largest retail banking group and Scotland’s largest financial services employer. Established in 1695, Bank of Scotland is the UK’s oldest surviving clearing bank. Our goal is to be the best financial services provider in Scotland.  We believe this means we must build a leadership position not on the basis of scale but on the foundations of reputation and recommendation.

Bank of Scotland has a team of 13 specialist and farming-experienced managers located throughout Scotland. They provide a personalised banking service to farmers and rural businesses in Scotland. Working alongside them is a team of relationship managers based in Edinburgh who can also assist with farming customers day-to-day banking needs.

Lloyds TSB Agriculture is a specialist division within the Lloyds Banking Group, which includes the Agricultural Mortgage Corporation (AMC) and the agricultural business team within Bank of Scotland

Lloyds TSB Wealth Management is part of Lloyds TSB Bank plc

Lloyds TSB Bank plc Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Authorised and regulated by the Financial Services Authority under number 119278.

Bank of Scotland plc. Registered office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Authorised and regulated by the Financial Services Authority under number 169628.