The Lloyds Banking Group will merge its two offshore employee equity share plan businesses based in Jersey following the merger of Lloyds TSB and HBOS.
Following a review on how best to bring the two businesses together, the decision has been taken to transfer the Lloyds TSB Offshore Trust Company’s Corporate Trustee Services (CTS) division to HBOS Employee Equity Solutions.
From 3 August 2009 the CTS team, which comprises 18 staff, will be fully integrated into HBOS Employee Equity Solutions.
A letter penned by Heidi Wilson, head of offshore, at HBOS Employee Equity Solutions, said: “The decision to merge our share plan businesses is logical and one which we are convinced will create greater opportunities for all of our clients and our business. It will enhance HBOS EES’ position as a leading specialist administrator in UK, offshore and global all-employee and executive share plans.”