| Code | DS/UK/62 |
| Corporate Name | United Dominions Trust Ltd |
| Dates | 1919 - 1997 |
| OtherFormsOfName | UDT; Lloyds UDT Ltd (1997 - 1999); Lloyds UDT Finance Ltd (1999 - 2001) |
| Activity | The finance house United Dominions Trust (UDT) was established in 1919 and was one of the pioneers of instalment credit in the United Kingdom (UK). Its managing director J Gibson Jarvie worked enthusiastically to extend the use of instalment credit beyond the motor vehicle and household goods business. Montagu Norman, who was worried about the availability of finance for small businesses (see also G1/328), saw instalment credit as a possible answer and identified Jarvie as a possible ally in 1929. The Bank took a 250,000 shareholding in 1930 (doubling UDT's paid up capital) with a further £250,000 uncalled liability. While the Bank took no active part in UDT's management, it was inevitably drawn into a close relationship with UDT. The Bank sold its shares in 1938.
UDT experienced difficulties during the secondary banking crisis, which started at the end of 1973, and it was the largest single borrower under the Lifeboat support arrangements. It was the subject of a takeover bid by the Trustee Savings Bank (TSB) in 1978 and this was finally completed in 1981, with UDT becoming a subsidiary of TSB (Holdings) Ltd. The TSB merged with Lloyds Bank in 1995 and UDT remained a subsidiary. In 1997 Lloyds Bowmaker and UDT were combined into Lloyds UDT Ltd, then, in 1999, there was a merger with Lloyds Bowmaker Commerial Finance to form Lloyds UDT Finance Ltd. Following the Lloyds TSB Group purchase of the Chartered Trust a new subsidiary was created in 2001, Lloyds TSB Asset Finance. |
| Source | 'An invaluable treasure. The history of the TSB', Michael Moss and Iain Russell (1994); TSB and Lloyds TSB annual reports and accounts. |
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