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EXHIBIT 8.1
LLOYDS BANKING GROUP STRUCTURE
The following is list of the principal subsidiaries of Lloyds Banking Group plc at 31 December 2025.
Name of subsidiary undertakingCountry of
registration/
incorporation		Percentage of equity share
capital and voting rights held		Nature of businessRegistered office
Lloyds Bank plcEngland100%Banking and financial services25 Gresham Street, London EC2V 7HN
Scottish Widows LimitedEngland
100% *
Life assurance25 Gresham Street, London EC2V 7HN
HBOS plcScotland
100% *
Holding companyThe Mound, Edinburgh EH1 1YZ
Bank of Scotland plcScotland
100% *
Banking and financial servicesThe Mound, Edinburgh EH1 1YZ
Lloyds Bank Corporate Markets plc1
England100%Banking and financial services25 Gresham Street, London EC2V 7HN
LBG Equity Investments Limited1
England100%Financial services25 Gresham Street, London EC2V 7HN
*Indirect interest
1Subsidiary that does not meet quantitative threshold for significance. Included for consistency with the consolidated financial statements.