Lloyds? Lloyds TSB? Is that a property and casualty insurance company?” “No, a British bank.” “Oh . . . ” I’d imagine this is the start of a typical conversation between Lloyds TSB’s management team and US investors.

Lloyds TSB is the largest UK-based, non-multinational bank but new investors outside of the country confuse the company with that icon of risk UK commercial property and casualty insurer Lloyd’s of London.