Lloyds Share News (LLOY)

(Alliance News) - Broadcom Inc on Wednesday said it has inked a new long-term agreement with Edinburgh-based Lloyds Banking Group PLC, as it looks to upgrade the lender's digital infrastructure.

The Palo Alto, California-based chipmaker reported a "significant expansion" of its existing deal with the UK bank, in support of its "ambitious" strategic transformation.

Broadcom said the agreement will provide new private cloud environment and mainframe solutions for digital banking, to transform Lloyds' existing infrastructure.

Lloyds is set to advance its utilisation of Broadcom's infrastructure software portfolio, including with VMware Cloud Foundation and mainframe solution, as it looks to improve the resilience, agility and scalability of its technology, said Broadcom.

It added that this will support speedier, more reliable digital services to Lloyds' 28 million customers and business that it supports in the UK.

Broadcom shares were 0.3% lower at USD359.01 during pre-market dealings in New York on Wednesday. Lloyds was trading flat at 82.94 pence around midday in London.

"Upgrading our infrastructure allows us to continue to provide fast and reliable digital banking for our customers, whether they’re making payments, applying for a loan, or checking their balance,” said Ron van Kemenade, chief operating officer at Lloyds Banking Group.

"It means our customers get a first-class service today, with a platform that can easily scale and support new products and innovations in the future."

By Christopher Ward, Alliance News reporter

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