Lloyds chief in Scotland promises to stand by customers

Published on Friday 15 May 2009 21:52

THE head of the Lloyds Banking Group in Scotland has launched a passionate defence of his company and promised to stand by its customers through "thick and thin".

Archie Kane, the group executive director for insurance and Scotland at the bank, which took over HBOS, warned that Scottish financial services could not "opt out" of the global recession.

But Kane, who is also chairman of the Association of British Insurers, promised his – and other – Scottish financial services groups would come through the downturn by staying in touch with their customers.

He told a seminar in Edinburgh that he wanted to talk mainly about the future of the industry.

However, he assured his audience of senior figures in the world of finance: "Lloyds Banking Group, as do other financial services companies based here in Scotland, intend to get through the economic crisis, the financial crisis, as quickly and sensibly as possible."

Kane, whose bank has been criticised for failing to respond to the needs of companies in the recession, added: "We intend to grow our businesses. We're in a long-term relationship business – whether that be commercial or individual."

He continued: "We're in the business of being with those customers through thick and thin and working with them throughout their lifetime. That's what our business is all about.

"For sure, Scotland and Edinburgh has to go through some times of stress along with the rest of the UK and along with the rest of the developed world. We cannot opt out of the global financial crisis."

But he concluded: "The recovery will come and when it does come we – and others – intend to be strong and to be here for our customers for the future."

Kane admitted that the financial services industry generally had to accept the need to "re-affirm" its reputation in the wake of the economic collapse.

He said: "We're going to have to work very hard."

The only way that the industry would win back respect was by delivering good products and services for both individual and commercial customers, Kane maintained.