11th Sep 2007 11:25
European Islamic Investment BankPLC11 September 2007 11 September 2007 European Islamic Investment Bank plc HALF-YEAR RESULTS FOR THE SIX MONTH PERIOD TO 30 JUNE 2007 The Board of European Islamic Investment Bank plc ("EIIB", the "Bank" or the"Company") is pleased to announce its results for the six month period to 30June 2007. Highlights: •Revenues have increased to £6,397,715, up 111% (2006: £3,019,424) •Core pre-tax profits of £1,489,625, up 708% (2006: £184,359) •Operating loss of £3,654,427 (2006: profit £184,359) due to £5,144,052 exceptional loss on consolidation of the underlying assets of the Pan-European Islamic Real Estate Fund which has been discontinued •Fee and commission revenues of £854,883 ( 2006: nil) •Balance sheet of £302,568,004, up 63% (2006: £185,733,454) •The Bank remains strongly capitalised and well above minimum regulatory ratios •Participated as a manager/underwriter in 8 primary market issues and 43 secondary market transactions, maintaining our position as one of the most active participants in the secondary market in London •Participated in the first Islamic leveraged buyout in the UK on the Aston Martin financing transaction •The Bank remains well positioned to deliver on business objectives through 2007 and beyond For further information, please contact: EIIB plc Tel: +44(0)20 7847 9900 John Weguelin, Managing Director Atif Raza, Finance Director Evolution Securities Tel: +44(0)20 7071 4300 Chris Sim Simon Leathers Fishburn Hedges Tel: +44(0)20 7839 4321 Michelle James Andrew Marshall Chairman's Statement The Bank has made good progress in developing its deal pipeline and transactionflows in the Treasury and Capital Markets business. We participated in 8 primarymarket issues and 43 secondary market transactions in the first half of the yearand remain one of the most active participants in the secondary market in London. The Bank participated in the Aston Martin financing transaction, which was thefirst Islamic leveraged buyout in the UK. Towards the end of the half year, significant turmoil in the credit markets sawa widening in credit spreads and an evaporation of positive sentiment in boththe conventional and Islamic debt issuance markets. A number of planned issueshave either been shelved or postponed for the latter half of the year. This lackof product in the market affected trading activity and to some extent alsonegatively impacted our trading desk revenues, though recent news suggests thatwe can expect a gradual recovery in Islamic Sukuk issuances in the latter partof the year as markets stabilise. We are also continuing to build our Real Estate business where we focus onoriginating transactions in the UK and Europe for our investor base. We aim toclose, underwrite and distribute on such a transaction in the second half of theyear. Our core revenues for the half year were generated primarily by our Treasury &Capital Markets (TCM) activity and show significant growth over the same periodin 2006. We are also pleased to report that included in revenues are a growingelement of fee revenues that were principally generated through participation inunderwriting transactions. Core expenses (excluding the consolidation impactnoted below) remain well managed and represent the full year on year effect ofthe increase in our headcount and establishment of our infrastructure includingour Bahrain Office. We continue to invest in the infrastructure to support arobust system of controls and corporate governance. Our core revenues have grown by 107% to £6,258,277(2006:£3,019,424) and coreexpenses have increased by 68% to £4,768,652(2006: £2,835,065), generating corepre-tax profits of £1,489,625(2006: profit £184,359) which in our viewdemonstrates the strength of our TCM business and our success in building aplatform for a diversified investment banking business model. However, our results have been negatively impacted by the effects ofconsolidation of the underlying assets of our Pan European Islamic Real EstateFund (the "Fund"). Marketing of the Fund commenced in May 2007 shortly after theFund had been seeded with the acquisition of a UK commercial property portfolioas part of its investment strategy. To the date of approval of the interimresults the capital raising of the Fund has not been successful in raisingadequate levels of investor funds. Consequently after careful evaluation of present market conditions and futureprospects of continued capital raising, the Board of Directors has decided todiscontinue further capital raising, return in full the investor funds raised todate and implement a property management and disposal plan that will ensure ameasured and tax efficient exit from the Fund and its underlying properties.These properties are located on excellent sites, have strong covenants and arein the main occupied by prime tenants. The Directors and the Fund's managers areconfident of achieving an exit in accordance with the plan. Under the requirements of International Accounting Standard IAS 27 we haveconsolidated the results of the Fund and the underlying portfolio with those ofthe Bank. The property portfolio was acquired for £58,780,000 for which third party funding of £41,050,000 was obtained and bridgefinancing was provided by the Bank for the balance. We commissioned arevaluation of the individual properties comprising the portfolio and it isreported that these now require a provision for impairment of £3,102,875, thatreflects a reduction in value of the assets of £2,255,000 as well as a provisionfor the estimated sales costs of £ 847,875 that would be associated withdisposing of the properties. In addition, the Bank's results also includeexpenses of £2,180,615 that reflect the costs associated with the setting up andongoing running of the Fund and the portfolio; acquisition of the propertyportfolio. As noted earlier, we will aim to actively manage the portfolio ofproperties so as to achieve exit at the most beneficial return for theshareholders of EIIB. As of today's date we are of the view that the results ofEIIB as at the half year reflect all material provisions and expenses relatingto the Fund and the property portfolio. As a result of the consolidation of the Fund and the portfolio with EIIB, theabove assets, funding, provisions and expenses are reflected in the results ofthe Bank. In aggregate, the full impact of the consolidation of the Fund and theproperty portfolio is to increase our revenues by £139,438 and expenses by£5,283,490. As a consequence, our interim results reflect a pre-tax loss of£3,654,427(2006: profit £184,359) and a post-tax loss of £4,207,647(2006: profit£75,607). The Bank remains well capitalised in comparison with its peers in the Islamicbanking arena and its regulatory capital is at a level that is substantiallyabove minimum requirements. As such, we are well positioned to deliver on ourbusiness objectives in coming years and will continue to focus on building aproduct pipeline in our key business areas. We remain confident that we are in aposition to effectively leverage our skills to bring sophisticated products toour investor base and in the near future to begin originating transactions inour target markets. Independent review report to European Islamic Investment Bank plc Introduction We have been instructed by the company to review the financial information forthe six months ended 30 June 2007 which comprises the Consolidated IncomeStatement, Consolidated Balance Sheet, Consolidated Statement of Changes inEquity, Consolidated Cash Flow Statement and the related notes 1 to 10. We haveread the other information contained in the interim report and consideredwhether it contains any apparent misstatements or material inconsistencies withthe financial information. This report is made solely to the company having regard to guidance contained inBulletin 1999/4 'Review of interim financial information' issued by the AuditingPractices Board. To the fullest extent permitted by the law, we do not accept orassume responsibility to anyone other than the company, for our work, for thisreport, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by, the directors. The directorsare responsible for preparing the interim report as required by the AIM Rulesissued by the London Stock Exchange. Review work performed We conducted our review having regard to the guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing PracticesBoard for use in the United Kingdom. A review consists principally of makingenquiries of management and applying analytical procedures to the financialinformation and underlying financial data, and based thereon, assessing whetherthe accounting policies and presentation have been consistently applied, unlessotherwise disclosed. A review excludes audit procedures such as tests ofcontrols and verification of assets, liabilities and transactions. It issubstantially less in scope than an audit performed in accordance withInternational Standards on Auditing (UK and Ireland) and therefore provides alower level of assurance than an audit. Accordingly we do not express an auditopinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30 June 2007. Ernst & Young LLP 1 More London Place London SE1 2AF 11th September 2007 Consolidated income statement for the half year ended 30 June 2007(unaudited) 6 months to 6 months to Year to 30 Jun 2007 30 Jun 2006 31 Dec 2006 Notes £ £ £ Income fromIncome from financing and investing 6,258,036 3,011,812 8,092,184activitiesReturns to financial institutions (1,049,711) - (174,056)and customersReturns related to the property fund 9 (535,908) - -Net margin 4,672,417 3,011,812 7,918,128Foreign exchange gains and losses 23,950 7,612 (131,005)Trading income 171,119 - 53,942Fees and commissions 854,883 - -Rental income 9 675,346 - -Total operating income 3 6,397,715 3,019,424 7,841,065 ExpensesProvision for impairment of the 9 (3,102,875) - -property fundStaff costs (3,362,837) (1,297,927) (3,756,742)Depreciation and amortisation (187,940) (96,847) (247,195)Other operating expenses (1,217,875) (1,440,291) (1,948,746)Operating expenses of the property 9 (2,180,615) - -fundTotal operating expenses (10,052,142) (2,835,065) (5,952,683) Operating profit/(loss) before tax 3 (3,654,427) 184,359 1,888,382 Tax 4 (553,220) (108,752) (663,544) Profit/(loss) for the period (4,207,647) 75,607 1,224,838 Attributable to equity holders of (4,207,647) 75,607 1,224,838the bank Earnings per share- basic and diluted 5 -0.23p 0.00p 0.07p The following notes 1 to 10 form an integral part of the consolidated financialstatements. Consolidated balance sheet at 30 June 2007(unaudited) Notes 30 Jun 2007 30 Jun 2006 31 Dec 2006 £ £ £Assets Cash and balances with banks 963,068 381,094 811,416Collateral deposits 235,732 235,732 235,732Due from financial institutions 140,778,677 170,250,881 164,896,947Financing arrangements 63,455,163 5,418,795 30,582,012Available for sale securities 34,568,653 7,498,025 33,443,122Fair value of foreign exchange 1,466,675 48,854 2,444,554agreementsProperty portfolio 9 55,677,125 - -Plant and equipment 7 422,178 231,815 347,644Intangible assets 8 1,017,554 805,859 1,081,739Other assets 3,983,179 862,399 2,435,991 Total assets 302,568,004 185,733,454 236,279,157 Liabilities Due to financial institutions 102,209,588 - 47,505,774Due to customers 2,331,992 - 895,638Fair value of foreign exchange 15,745 - 7,821agreementsOther liabilities 15,354,047 895,638 1,534,516Current taxation 4 1,036,494 564,718 500,332Deferred taxation 4 121,853 72,833 131,099 Total liabilities 121,069,719 1,533,189 50,575,180 Shareholders' equityShare capital 18,255,625 18,255,625 18,255,625Share premium account 164,229,939 164,084,300 164,229,939Fair value reserve (73,917) (11,383) (12,541)Retained earnings (913,362) 1,871,723 3,230,954 Total equity attributable to the bank's 181,498,285 184,200,265 185,703,977equity holders Total equity and liabilities 302,568,004 185,733,454 236,279,157 Adnan Ahmed Yousif John Weguelin Atif Raza Chairman Managing Director Finance Director The following notes 1 to 10 form an integral part of the consolidated financialstatements. Consolidated statement of changes in equity for the half year ended 30 June 2007(unaudited) Share Share Fair Retained Total capital premium value earnings account reserve £ £ £ £ £ Balance at 1 January 2006 15,244,370 94,325,276 1,586,116 111,155,762Share issue 3,011,255 72,270,127 75,281,382Transaction costs of share (2,511,103) (2,511,103)issueShare award 210,000 210,000 18,255,625 164,084,300 - 1,796,116 184,136,041 Net unrealised loss on (11,383) (11,383)available for salesecuritiesProfit for the period 75,607 75,607Net income recognised for (11,383) 75,607 64,224the period Balance at 30 June 2006 18,255,625 164,084,300 (11,383) 1,871,723 184,200,265 Balance at 1 Jul 2006 18,255,625 164,084,300 (11,383) 1,871,723 184,200,265Transaction costs of share 145,639 145,639issueShare award 210,000 210,000 Net unrealised loss on (1,158) (1,158)available for salesecuritiesProfit for the period 1,149,231 1,149,231Net income recognised for (1,158) 1,149,231 1,148,073the period Balance at 31 December 18,255,625 164,229,939 (12,541) 3,230,954 185,703,9772006 Balance at 1 January 2007 18,255,625 164,229,939 (12,541) 3,230,954 185,703,977Share award 63,331 63,331 Net unrealised loss on (61,376) (61,376)available for saleinvestmentsProfit for the period (4,207,647) (4,207,647)Net loss recognised for (61,376) (4,207,647) (4,269,023)the period Balance at 30 June 2007 18,255,625 164,229,939 (73,917) (913,362) 181,498,285 The following notes 1 to 10 form an integral part of the consolidated financialstatements. Consolidated cash flow statement for the half year ended 30 June 2007(unaudited) 6 months to 6 months to Year to 30 Jun 2007 30 Jun 2006 31 Dec 2006 Notes £ £ £ Cash flows from operating activitiesOperating profit /(loss) on ordinary (3,654,427) 184,359 1,888,382activities before taxAdjusted for:Provision for impairment of property 9 3,102,875 - -portfolioFair value of foreign exchange 985,803 (48,854) (2,436,733)agreementsDepreciation and amortisation 187,940 96,847 247,195Charges for share awards 63,331 210,000 420,000Net (increase)/decrease in operatingassets:Collateral deposits - (235,732) (235,732)Due from financial institutions 24,118,270 (59,036,164) (53,682,230)Financing arrangements (32,873,151) (5,418,795) (30,582,012)Available for sale securities (1,213,211) (7,514,287) (33,461,039)Property portfolio 9 (58,780,000) - -Other assets (1,547,188) (534,948) (2,108,540)Net increase in operatingliabilities:Due to financial institutions 54,703,814 - 47,505,774Due to customers 1,436,354 - 895,638Other liabilities 13,819,531 174,497 813,375 Net cash inflow/(outflow) from operating 349,941 (72,123,077) (70,735,922)activities TaxationCorporation tax paid - - (560,416) Cash flow from investing activitiesPurchase of plant and equipment (129,739) (154,363) (307,986)Purchase of intangible assets (68,550) (547,451) (935,884) Net cash outflow from investing (198,289) (701,814) (1,243,870)activities Cash flows from financing activitiesNet proceeds from issue of share - 72,770,279 72,915,918capital Net increase/(decrease) in cash and cash 151,652 (54,612) 375,710equivalents Cash and cash equivalents at the beginning 811,416 435,706 435,706of the periodCash and cash equivalents at the end of the 963,068 381,094 811,416period The following notes 1 to 10 form an integral part of the consolidated financialstatements. Notes to the consolidated financial statements (unaudited) At 30 June 2007 1. Principal activities European Islamic Investment Bank plc (the 'Bank') was incorporated as the firstindependent, UK based Islamic investment bank managed on a wholly Sharia'acompliant basis. The activities of the Bank are focused on servicing clients inEurope, the Middle East and Asia through the provision of a range of servicesencompassing asset management and private banking, trading and investing inIslamic securities, treasury services and structured products, and providingcorporate finance and advisory services. The Bank is a company incorporated in the UK which was established on 11 January2005 and received authorisation from the FSA on 8 March 2006 to carry on itsproposed activities as an investment bank. 2. Accounting policies and basis of preparation The interim financial statements have been prepared in accordance withInternational Accounting Standard ('IAS') 34 'Interim Financial Reporting'.Under IAS 34 the Bank has to disclose accounting policies applicable to newitems appearing in the interim financial statements. Other than the followingthe Bank is following the same accounting policies and methods of computation asused in the most recent financial statements for the year ended 31 December2006. 2.1 Consolidated financial statements The consolidated financial statements of the Bank comprise the financialstatements of the European Islamic Investment Bank plc and entities the Bankcontrols (its subsidiaries). Control exists where the Bank has the power togovern the financial and operating policies of the entity. The entities consolidated herein are EIIB Pan-European Islamic Real Estate Fundand the fund's operating subsidiary. 2.2 Fees and commission net income Fees and commission which are not recognised on an effective yield basis overthe life of the financial instrument to which they relate, such as fees fornegotiating transactions for third parties and underwriting fees and commission,are recognised in revenue when it is probable that the economic benefit willflow to the Bank. This will normally be from the point at which the act to whichthe fees and commission relate has been completed. 2.3 Inventory: property portfolio Assets held in inventory are recognised initially at cost, and thereafter at netrealisable value which is the lower of cost and estimated selling price, lessthe estimated costs of sale. 2.4 Rental income Rental income arising from operating leases on properties held within theproperty portfolio is recognised on a straight-line basis over the life of thelease. 2.5 Presentation of comparative figures These financial statements are not statutory financial statements of the Bank.The figures presented for the accounting period ended 31 December 2006 are anextract from the statutory financial statements for the period then ended, whichhave been delivered to Companies House. Notes to the consolidated financial statements (unaudited) At 30 June 2007 3. Segmental information The Bank manages its activities primarily by class of business and the risks andreturns are affected predominantly by differences in the products and servicesprovided. The Bank has three areas of operations, namely Treasury and CapitalMarkets, Asset Management and Corporate Finance and Advisory. The Treasury andCapital Markets unit became fully active in April 2006 following FSAauthorisation. The majority of the cost base, and the assets and liabilities ofthe Bank have been deployed in support of that business unit. The Treasury andCapital Markets area was the only revenue-generating segment of the businessthrough to 31 December 2006. The other two business units were establishedduring the second half of 2006 and their combined costs amounted to less than 5%of total costs for the year ended 31 December 2006. Consequently the Bank is notpresenting a comparison by primary segment for the six months to 30 June 2006,or the year ended 31 December 2006. The table below shows operating revenue and income by segment for the six monthsto 30 June 2007. Treasury & Corporate Capital Asset Finance Markets Management & Advisory Total £ £ £ £ RevenueNet income from external 6,258,277 139,438 - 6,397,715customersInter segment income/ 314,441 (314,441) - -(expense)Total income 6,572,718 (175,003) - 6,397,715 ResultsSegment profit/loss 4,263,142 (6,911,295) (639,603) (3,287,756) Unallocated costs (366,671) Loss before tax (3,654,427) Notes to the consolidated financial statements (unaudited) At 30 June 2007 4. Taxation 6 months to 6 months to Year to 30 Jun 2007 30 Jun 2006 31 Dec 2006 £ £ £Tax on profit on ordinary activities charged in the incomestatement Current year tax 562,466 85,692 505,707Adjustments to prior year tax - - 26,738Current tax 562,466 85,692 532,445 Deferred tax for the year (9,246) 23,060 81,326Prior year's deferred tax adjustment - - 49,773Deferred tax (9,246) 23,060 131,099 Tax charge in the income statement 553,220 108,752 663,544 Reconciliation of the total tax chargeProfit/(loss) before tax (3,654,427) 184,359 1,888,382 UK corporation tax at the standard rate (1,096,328) 55,308 566,515(30%)Expenses not deductible for tax purposes 1,852,152 53,444 20,518Income not subject to UK taxation (202,604) - -Adjustments for prior year's tax - - 76,511Tax charge in the income statement 553,220 108,752 663,544 Current year's tax 562,466 85,692 505,707Current tax credit related to items charged (31,679) (4,879) (5,375)to equityPrior year's tax payable 505,707 483,905 -Current tax payable in the balance sheet 1,036,494 564,718 500,332 Origination of temporary differences 121,853 72,833 131,099Deferred tax payable in the balance sheet 121,853 72,833 131,099 Notes to the consolidated financial statements (unaudited) At 30 June 2007 5. Earnings per share Earnings per share is calculated by dividing profit for the period by theweighted average number of shares outstanding during the year. There arecurrently no instruments in issue which would dilute earnings per share. 6 months to 6 months to Year ended 30 Jun 2007 30 Jun 2006 31 Dec 2006 thousands thousands thousands Weighted average number of shares 1,825,563 1,610,473 1,725,187for basic earnings per share During the 6 months to 30 June 2006 the Bank issued 301,125,531 new ordinaryshares with a nominal value of £0.01 and a price of £0.25 per share under aninitial public offering raising £72,915,918 net of share issue costs. There havebeen no other issuances of shares over the reporting periods. 6. Assets and liabilities in foreign currency The Bank manages its exposure to foreign exchange rate fluctuations by matchingassets with liabilities in the same currency, with similar maturities and theuse of appropriate off-balance sheet instruments. 30 Jun 2007 30 Jun 2006 31 Dec 2006 £ £ £ Denominated in sterling 167,115,200 172,632,312 123,010,274Denominated in currencies other than 135,452,804 13,101,142 113,268,883sterling Total assets 302,568,004 185,733,454 236,279,157 Denominated in sterling 53,700,870 1,533,189 7,426,518Denominated in currencies other than 67,368,849 - 43,148,662sterling Total liabilities 121,069,719 1,533,189 50,575,180 Notes to the consolidated financial statements (unaudited) At 30 June 2007 7. Plant and equipment Leasehold Furniture & Computer Total Improvements Fixtures Hardware £ £ £ £CostAt 1 January 2007 161,924 95,610 148,820 406,354Additions 87,468 32,886 9,385 129,739 At 30 June 2007 249,392 128,496 158,205 536,093 DepreciationAt 1 January 2007 12,072 14,626 32,012 58,710Charge for the 19,135 10,566 25,504 55,205period At 30 June 2007 31,207 25,192 57,516 113,915 Net Book ValueAt 30 June 2007 218,185 103,304 100,689 422,178 At 1 January 2007 149,852 80,984 116,808 347,644 8. Intangibleassets £CostAt 1 January 2007 1,282,178Additions 68,550 At 30 June 2007 1,350,728 DepreciationAt 1 January 2007 200,439Charge for the 132,735period At 30 June 2007 333,174 Net Book ValueAt 30 June 2007 1,017,554 At 1 January 2007 1,081,739 Intangible assets consist of computer licences and software development costsincluding capitalised staff costs. Notes to the consolidated financial statements (unaudited) At 30 June 2007 9. Property portfolio The Bank has an interest in a UK commercial real estate property portfoliothrough the EIIB Pan-European Islamic Real Estate Fund ('the Fund'). The Fundacquired the portfolio as part of its investment strategy, prior to thecommencement of capital raising. The acquisition of the properties was financedpartly by the Bank and partly by a third party both of which are on a murabahabasis. The Fund was established on 22 November 2006, and the property portfoliowas acquired on 18 April 2007. The Bank owns 100% of the management shares inthe Fund, there being no other equity shares in issue. In turn the Fund owns100% of the equity shares of The House Limited, the company which owns theproperties. Both the Fund and The House Limited are registered in the CaymanIslands. At acquisition The House Limited had assets of £58,968,092 andliabilities of £50,083,429. The property portfolio was acquired for £58,780,000. Third party funding was£41,050,000 and the balance was funded by a bridging facility made available bythe Bank. The capital raising has not been successful and, in accordance with therequirements of IAS 27, the results of the Fund and the underlying propertyportfolio have been consolidated with those of the Bank. The property portfolioand the related funding are therefore disclosed in the Bank's balance sheet. TheOperating expenses of the property fund relate principally to the acquisition ofthe property portfolio and the establishment costs of the Fund. The Provisionfor impairment of property portfolio allows for the market valuation of theproperties less the likely costs of sale. The following items in the income statement relate to the Fund and The HouseLimited: £ Rental income 675,346Returns related to the property fund (535,908)Operating expenses of the property (2,180,615)fundProvision for impairment of the (3,102,875)property fund (5,144,052) Notes to the consolidated financial statements (unaudited) At 30 June 2007 10. Related party disclosures Compensation of key management personnel 6 months to 6 months to Year ended 30 Jun 2007 30 Jun 2006 31 Dec 2006 Short-term employee 270,900 265,704 587,302benefitsPost-employment pension 6,917 12,757 29,454Share-based payments 42,222 140,000 280,000 320,039 418,461 896,756 Other directors' interests The Bank enters into transactions, arrangements and agreements involvingDirectors and their related concerns in the ordinary course of business, allsuch business is conducted on an arms-length basis. At 30 June 2007 the Bank had £4,738,155 due to the Bahrain Islamic Bank BSCunder a murabaha agreement, Khalid A Al Bassam, a Director of the Bank, is theChairman of BIB. At 30 June 2007 the Bank had liabilities to Directors and related parties asfollows: •Wakala agreements with Adnan Ahmed Yousif of £1,430,569 •Wakala agreement with the spouse of Atif Raza of £242,653 Murabaha and wakala are Islamic financing arrangements. Registered No. 5328847 Company information Directors Adnan Ahmed Yousif Chairman Khalid A Al-Bassam Vice Chairman George K Morton Senior Independent Director Shabir Randeree Hatem Abou Said John Clouting Yousef Rabah Abu Khadra Abed Alzeera Salman Abassi John Weguelin Managing Director Atif Raza Finance Director Secretary M A Mohaimin Chowdhury Registered office Registrars 131 Finsbury Pavement Capita IRG plc London EC2A 1NT The Registry 34 Beckenham Road Auditors Beckenham Ernst & Young LLP Kent BR3 4TU 1 More London Place London SE1 2AF Nominated broker and advisor Evolution Securities Ltd Bankers 100 Wood Street Lloyds TSB Bank plc London EC2V 7AN 25 Gresham Street London EC2V 7HN This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rasmala