Directorate Change

Lloyds TSB Group PLC
26 March 2004


47/04                                                          26 March 2004

BOARD CHANGE AT LLOYDS TSB GROUP

Lloyds TSB Group announces that Steve Targett, Group Executive Director,
Wholesale and International Banking has resigned from the company to return to
Australia for family reasons, and to take up a senior position with Australia
and New Zealand Banking Group. Steve will leave at the end of April and an
announcement about succession will be made in due course.

Eric Daniels, Group Chief Executive, Lloyds TSB Group plc said "I am
disappointed that Steve has decided to leave us. He has made a very good start
in developing strategies for growth within our wholesale and international
banking division and there is a strong team in place that will continue this
progress."

Maarten van den Bergh, Chairman of Lloyds TSB Group plc, said: "We are sorry
that Steve is leaving us but understand that his roots have remained in
Australia. We wish him and his family every success for the future."

                                    - ends -



For further information:

Investor Relations

Michael Oliver                                            [phone]

Director of Investor Relations

E-mail: [e-mail]

Ian Gordon                                                [phone]

Senior Manager, Investor Relations

E-mail: [e-mail]

Media

Terrence Collis                                           [phone]

Director of Group Corporate Communications

E-mail: [e-mail]

Mary Walsh

Head of Media Relations                                   [phone]

E-mail: [e-mail]

FORWARD LOOKING STATEMENTS

This announcement contains forward looking statements with respect to the
business, strategy and plans of the Lloyds TSB Group, its current goals and
expectations relating to its future financial condition and performance.  By
their nature, forward looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur in the future.
Lloyds TSB Group's actual future results may differ materially from the
results expressed or implied in these forward looking statements as a result of
a variety of factors, including UK domestic and global economic and business
conditions, risks concerning borrower credit quality, market related risks such
as interest rate risk and exchange rate risk in its banking business and equity
risk in its insurance businesses, changing demographic trends, unexpected
changes to regulation or regulatory actions, changes in customer preferences,
competition and other factors.  Please refer to the latest Annual Report on Form
20-F of Lloyds TSB Group filed with the US Securities and Exchange Commission
for a discussion of such factors.


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