Acquisition

Lloyds TSB Group PLC
1 September 2000



LLOYDS UDT ACQUIRES CHARTERED TRUST

Lloyds TSB Group announced today that its subsidiary, Lloyds UDT, has acquired
Chartered Trust Group Plc and ACL Autolease Holdings Limited, ('Chartered
Trust'), the UK consumer finance and contract hire subsidiaries of Standard
Chartered Bank, for a cash consideration of £627 million.

Before goodwill and Year 2000 costs totalling £16 million, Chartered Trust
made a pre-tax profit of £56 million for the year ended 31 December 1999.  As
at 31 December 1999 it had total assets of some £2.7 billion and net assets of
£137 million. The net asset value, and therefore the consideration, will be
slightly adjusted following the preparation of completion accounts.

Cost synergies are expected to exceed £25 million per annum by year three and
revenue growth will benefit from access to Lloyds TSB's 16 million customer
base.  Excluding the amortisation of goodwill, the acquisition will be
earnings enhancing from year one.

John Davies, Managing Director of Lloyds TSB Asset Finance Division, said:

'This deal allows us to consolidate our position as market leader in the motor
finance business and become one of the leading contract hire providers.  More
importantly, the complementary skills and delivery channels will allow us to
build significant revenue benefits through the development of more attractive
customer offers.  We will also create significant cost synergies allowing the
enlarged business to become one of the lowest cost providers in the market.'

For further information:

Media Enquiries                                   Analyst Enquiries
Sara Eaglen                                        Michael Oliver
Lloyds TSB Press Office                            Director of Investor
Tel: [phone]                                 Relations
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