NBNZ announcement

Lloyds TSB Group PLC
24 July 2003

107/03                    AVS No:                    24 July 2003


LLOYDS TSB GROUP - NATIONAL BANK OF NEW ZEALAND

Lloyds TSB is continuing to review options relating to its subsidiary, the
National Bank of New Zealand.


The Group announced, on 16 June, that a strategic review is under way that may
or may not result in the sale of the business. As part of this review process,
Lloyds TSB has entered into discussions with a number of parties regarding the
future ownership of the National Bank of New Zealand.


As a result, several parties are expected to be making contact with the New
Zealand Commerce Commission, in due course, to discuss their ownership options
with respect to the National Bank of New Zealand.


Further announcements on the review process will be made when appropriate.



                                     -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]


                                        ...../more







LLOYDS TSB GROUP - NATIONAL BANK OF NEW ZEALAND ..../2




Media

Terrence Collis               [phone]

Director of Group Corporate Communications

E-mail: [e-mail]



Mary Walsh                    [phone]

Head of Media Relations

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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