Lloyds Banking Group case study

Client:

Lloyds Banking Group plc was created on 19 January 2009 following the acquisition of HBOS plc by Lloyds TSB Group plc. Lloyds Banking Group is now the largest retail bank in the UK with 1 in 3 people banking with the Group. Imprima started working with HBOS plc on their Rights Issue in 2008. Since then, Imprima has demonstrated through delivery its capability and has been the printer of choice for Lloyds Banking Group in the production of its shareholder communications relating to capital transactions.

Projects managed by Imprima include:  The Acquisition of HBOS by Lloyds TSB creating Lloyds Banking Group, Placing and Open Offer of shares, Chairman's communication letter regarding the creation of Lloyds Banking Group, and the £13.5bn Rights Issue and £9bn Exchange Offer mailings as an alternative to the Government Asset Protection Scheme.

Project:

£13.5bn Rights Issue and £9bn Exchange Offer. An integral part of the project team, Imprima's role incorporated typesetting, production and mailing of multiple documents to 2.8 million shareholders across different sites.

Reason for choosing Imprima:

Following the success of Imprima's handling of the HBOS Rights Issue in 2008, Lloyds Banking Group had no hesitation in choosing Imprima for the production of documents for the acquisition of HBOS. Imprima again proved how they are best placed to handle the largest of 'City' deals. Consequently, when producing the Rights Issue and Exchange Offer documents, Imprima was an automatic choice. Lloyds Banking Group had confidence that Imprima’s infrastructure, resources and project management expertise were ideal for the project.

Imprima’s Financial Documents solution:

The project involved several advisors, the London Stock Exchange and the Government. This made the timescales particularly challenging as Lloyds Banking Group had to remain flexible and adapt quickly to ever changing demands. Delivery to 2.8m shareholders was scheduled at very short notice with last minute changes made to the documents. The mailing consisted of a 52 page circular and personalised letter, plus a second mailing of Provisional Allotment Letters and Instruction forms. The laser personalisation and mailing of 2.8m documents took under 50 hours – these unprecedented volumes/timescales had never been achieved before.

Client benefits:

• Imprima’s supplier partnerships played a vital role in being able to maintain flexibility in schedule planning for the very demanding and constantly changing parameters. Imprima’s relationship with the Royal Mail was an essential part of the project; this ensured that national connections were met to guarantee next day delivery.
• Fast proof turnaround – instant in some cases, often with heavy changes made possible by Imprima’s in-house typesetting facility, the largest in Europe. Lloyds Banking Group and their advisors were able to use Imprima’s City conference facilities to sign off final stages, further minimising the time involved in the proofing process.
• High speed printing and mailing of 2.8 million documents was achieved using Imprima’s strong partnerships with the UK’s largest print capacity.
• Quick, secure processing of large volumes of shareholder data – 2.8m records. The data was received at 8am. Processing and testing was done immediately and the 'live' run commenced within a couple of hours.  All connections met next day delivery timescales.